Bitcoin’s (BTC) parabolic run has turned early miners into millionaires at a rate never seen before. Data from Glassnode shows that the number of Bitcoin addresses has skyrocketed by at least $ 1 million this week to 66,540 – an increase of 150%.
The rise of millionaire wallets is due to the fact that early miners kept their Bitcoin over the years, culminating in the latest rise above USD 20,000.
Such as Glassnode tweeted on Thursday:
“$ BTC over $ 20k turned all early miner addresses (50 BTC block rewards, not spent or lost) into millionaire addresses.”
The tweet was accompanied by a graph showing the number of millionaire addresses at or near record highs, with the last major peak coinciding with Bitcoin’s peak in late 2017:
Bitcoin’s rally intensified on Thursday, zipping through $ 23,000 with very little resistance. Data on the chain suggests another parabolic move could be imminent as BTC enters a new phase of price discovery. At current values, Bitcoin has a total market capitalization of nearly $ 430 billion.
While early Bitcoin miners took advantage of larger block rewards, they operated in a market that was highly speculative and much more volatile than it is today. Today’s miners only receive 6.25 BTC per block, but are more confident that their efforts will be rewarded as Bitcoin evolves from an obscure and esoteric concept to a mainstream digital asset.
As Cointelegraph recently reported, cryptocurrency mining has evolved from a small business to an industrial company as more entities try to take advantage of Bitcoin’s network infrastructure. Institutional influx has made mining of the digital asset more attractive than ever before.
Currently, miners are producing about 900 BTC per day – an amount that is out there quickly consumed by institutions and companies, many of which have been recently adopted.