$BTC: Bitcoin has turned ~$102B of cumulative miner revenue into a $1.61T monetary network. But the deeper finding is how that relationship scales: Market Cap ∝ Cumulative Miner Revenue^1.122 R² = 0.968 95% HAC CI: 1.026–1.217 The entire confidence interval is above 1. Every 1% increase in cumulative miner revenue has been associated with roughly a 1.12% increase in market value. Security spend grows the base. Bitcoin has historically compounded value faster than the base itself.
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