Thermocap, subsidy only — Bitcoin onchain, per block

The same running total of miner earnings, but counting only the newly minted coins and leaving out transaction fees. It is published beside the main version so the disagreement between the two source papers is visible rather than quietly resolved.

DefinitionCumulative block subsidy valued at the price of the mining block, fees excluded. The reading METRIC-IDEAS s1.7 attributes to the Glassnode paper.

LimitProvisional, and a near-duplicate: it tracks the full-coinbase thermocap at a correlation of 0.9999. Recently the two differ by 1-15% of miner revenue. Read the pair as one number with an error bar.

UnitEUR

Reconstructed or not yet settled. The shape is usable, the exact level is not.

Also filed under

Mining and miner revenue What are miners paid, and how hard is it to earn it?
Market value and cost basis How much money is in bitcoin, and how much did it cost to get there?
Thermocap everything miners have ever been paid, at the price of the day
Market cap to thermocap market value against everything miners were ever paid
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