Market cap to thermocap — Bitcoin onchain, per block

How much the market values bitcoin against the total amount ever paid to the miners who secured it. High readings have coincided with tops.

DefinitionMarket cap / thermocap.

LimitIt inherits thermocap's unresolved subsidy-or-full-coinbase question. It also tracks the MVRV Z-score fairly closely (r = 0.96 over all history), so it is not an independent vote.

Unitratio

Also filed under

Mining and miner revenue What are miners paid, and how hard is it to earn it?
Am I in profit Is the market above or below what holders paid for their coins?
Thermocap everything miners have ever been paid, at the price of the day
Thermocap, subsidy only the other reading of thermocap, without fees
Puell multiple miner income against its own yearly average
Issuance new bitcoin minted in this block
Miner revenue everything the miner earned in this block
Fees paid in block what users paid to get into this block
Cumulative fees ever paid every fee ever paid, added up
Fee share of miner revenue how much of mining income comes from users rather than issuance
Difficulty how hard it is to find a block

Every metric · Back to the explorer