CEO CZ Praises Bitcoin Business Model, Mining Revenue Hits $44M

Bits Logics Team . 16th Nov 2023

Changpeng Zhao, the CEO of Binance, expressed his admiration for Bitcoin’s economic model, hailing it as the “Bitcoin is the greatest business model ever invented.” This statement came in response to recent data indicating a surge in mining revenues.

Zhao, widely recognized as CZ, expressed his views following the emergence of reports stating that Bitcoin miners accumulated more than $44 million in block rewards and fees on November 12. This milestone represents the highest daily revenue achieved by miners in the past year, surpassing levels previously observed in April 2022.

Mining income primarily originates from the 6.25 BTC rewards earned for successfully mining a block, alongside transaction fees. Nevertheless, there was a drop in miners revenue between April 2022 and August 2023.

In response to the recent mining revenue record, Zhao expressed his appreciation for Bitcoin’s economic design on Twitter. Zhao said,

“The amount 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.”

Expressing his viewpoint, Zhao stated his assumption that the coins associated with Bitcoin’s pseudonymous creator, Satoshi Nakamoto, would never be transferred or utilized. However, CZ maintains that the issuance model of Bitcoin has generated considerable value for miners and holders.