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Bitcoin Mining The Evolution of A Multibillion Dollar Industry Yassine Elmandjra, and Derek Hsue, Are Miners Whales? Mining is the only process through which bitcoin is issued and distributed, at least initially. In other words, miners have had first claim to every bitcoin in circulation today, suggesting that they could have had significant control over the market if they never sold any of their rewards. Since the professional bitcoin mining industry evolved in 2013, debates have surfaced and intensified over its impact on and control of market conditions. Miner reserves are controlled theoretically on the upside by the sum of newly issued supply and transaction fees. Since December 2013, miners have generated nearly 6 million bitcoin (BTC) in revenue, or USD $42.6 billion which, all else equal, would account for roughly a third of the network’s $150 billion value. However, it is unrealistic to assume miners do not offload any bitcoin while operating, as miners sell much of their reserves to fund costs and hedge against price volatility. If miners have sold just enough bitcoin to fund the operating and capital costs consistent with Bitcoin’s historical hash rate, we estimate they have accumulated 500,000 BTC in reserves, as shown below, leaving them with less than 10% of the bitcoin they have mined over the last 5 years.48 Figure 14: Accumulated Reserves After Variable Costs (BTC) Accumulated Bitcoin Reserves 48 It is important to note that the model has strong dependencies on cost assumptions, which can significantly vary. 1 000 000 900 000 800 000 700 000 600 000 500 000 400 000 300 000 200 000 100 000 0 2013 2014 2015 2016 2017 2018 2019 Source: ARK Investment Management LLC, 2020 21PDF Image | Bitcoin Mining
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