Popular BTC proponent Lyn Alden took to Twitter to explain how the Bitcoin (BTC) network will become more efficient with increasing adoption.
Alden shared data sourced from Glassnode to indicate that BTC mining revenue grows more slowly than BTC market cap and transaction volume.
BTC mining revenue as a percentage of market cap (Source: Glassnode)
In 2022, annual BTC mining revenue stood at $9.51 billion — 1.8% of the average BTC market cap of $535 billion. Even with mining revenue reaching $16.8 billion in 2021, it accounted for only 1.9% of the $892 billion BTC market cap.
Between 2011 and 2022, mining revenue steadily decreased in proportion to the BTC market cap, as the above chart indicates.
BTC mining fees as a percentage of market cap. Source: Lyn Alden, Glassnode
Miner fees amounted to $141 million in 2022 — 0.026% of the BTC market cap. Although miner fees as a percentage of BTC market cap fluctuated significantly over the past 12 years, it has stayed well below 1%, as the

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