November 11, 2024

Binance CEO CZ Applauds Bitcoin’s Economic Model Amidst Record Mining Revenue

Changpeng Zhao, CEO of Binance, has lauded Bitcoin as the “greatest business model ever invented” in response to data revealing an all-time high in mining revenues. On November 12, Bitcoin miners generated an unprecedented $44 million in block rewards and fees, surpassing levels seen in April 2022.

The majority of mining income stems from the 6.25 BTC reward for successfully mining a block, coupled with transaction fees. Notably, miner revenue declined between April 2022 and August 2023.

Zhao took to Twitter to express his admiration, stating,

“The amount of value created, to the creator (although I assume he would never move/use those coins), to the miners, to other industry participants, and to holders.”

He speculated that Bitcoin’s creator, Satoshi Nakamoto, would never move or use those coins. Regardless, CZ believes Bitcoin’s issuance model has generated substantial value for miners and holders.

This endorsement from a cryptocurrency industry leader underscores Bitcoin’s enduring economic strength. As the market evolves, Binance remains at the forefront, actively supporting groundbreaking developments within the digital asset space.


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