Bitcoin network costs around $7 million per day to secure

25 Mar, 2019
by David Robb
Analysis
Bitcoin network costs around $7 million per day to secure

Crypto data and research firm Messari recently published a screener that summarizes "fees, coin issuance, blockchain storage growth, and more" for some of the top PoW blockchains. It showed that the BTC network costs over $7 million per day to secure, which is four times its nearest competitor.

According to Messari's data, new BTC worth around $7.25 million is issued every 24 hours. This goes to miners as a reward for verifying transactions and adding them to the chain. Miners also receive transaction fees, voluntarily contributed by BTC users, worth around $113,000 per day. 

Anyone attempting to compromise the Bitcoin network would ideally need to outbid these daily issuances, so this figure can be thought of as the cost of keeping the blockchain secure.

After Bitcoin, Ethereum contributes the next most funds towards security. Around $1.8 million worth of ETH is issued per day for miners, less than a quarter of what Bitcoin issues. However, the network is due to to entirely overhaul its protocol sometime soon, pivoting towards a proof-of-stake (PoS) system.

Read more: Ethereum's upcoming hardfork will include ProgPow consensus model

Both Ethereum and Bitcoin issue about 0.1% of their total market cap in order to maintain its security. Litecoin (LTC) and Zcash (ZEC) are next on the list, issuing $925,000 and $391,000 respectively. 

Read more: Starbucks and Bitcoin: what are the facts?3 upcoming catalysts for a Bitcoin bull market

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Read more about:Bitcoin (BTC)

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bitcoin has so much investment so i'm not surprised of this fact
25 Mar, 2019 - 22:33

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