In April 2024, Bitcoin's annual inflation rate dropped below 0.9% for the first time, lower than gold's approximately 1.5%.
• The fourth halving cut block rewards from 6.25 to 3.125 BTC, reducing daily new supply to roughly 450 BTC. At current prices near $65,000, that is about $29 million in fresh coins per day. Gold mining adds roughly $5-7 billion in new annual supply, giving Bitcoin a tighter issuance schedule.
• Stock-to-flow ratio now exceeds 55, meaning it would take 55 years of mining at today's rate to double the existing supply. Gold's ratio sits in a similar range, but gold's supply grows faster in percentage terms relative to its total above-ground stock.
• Network hashrate reached an all-time high of 600 EH/s in Q3 2024, signaling miner confidence despite reduced block subsidies. Transaction fees now contribute over 10% of miner revenue during peak activity periods, gradually shifting the incentive model away from pure inflation.
• Realized cap (the aggregate cost basis of all coins) stands at $390 billion, well below current spot
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