Basically I'm looking for this graph, but denominated in BTC https://www.blockchain.com/charts/miners-revenue or this graph plus the block reward https://www.blockchain.com/charts/transaction-fees
I've searched a bunch but can't find anything, maybe I am using the wrong search terms
As I understand it, a key metric for the security of the bitcoin network is the ratio of A / B, where:
- A is total miner revenue per unit time (e.g. year). This is made up of transaction fees plus the block rewards, and is denominated in BTC.
- B is total number of circulating bitcoins.
The higher this ratio, the higher the network security, because miners are incentivized to keep mining and collect revenue in form of block rewards and transaction fees.
If the ratio gets too low, then it becomes profitable for miners (or mining pools) to instead band together, borrow a large percentage of circulating bitcoin, and repeatedly double spend all their bitcoin into fiat.
To use an extreme example for demonstration: if we get to 2140 when the block reward will be zero, and no-one is paying transaction fees, then miners get no revenue from mining and would find it more profitable to perform a double spend attack.
B is slow-changing if we just consider new block rewards and ignore bitcoins that are "lost", so it probably be sufficient to just track A as a proxy for A / B.
Please do let me know if I'm missing something above, I want to learn!