Thermocap
everything miners have ever been paid, at the price of the day
The total amount of money miners have ever earned, each coin counted at the price on the day it was mined. It can only go up, so it acts as a slow, hard floor under the cost of producing bitcoin.
DefinitionCumulative FULL coinbase output (block subsidy plus fees) valued at the price of the block that mined it. The full coinbase reading is used because it makes realized cap = thermocap + investor cap an exact accounting identity.
LimitProvisional. The two source papers disagree on whether thermocap includes fees; ARK reads as the full coinbase, Glassnode as the minted coins only. We publish both, and the gap has recently been 1-15% of miner revenue. In euro this is the global market's cost basis expressed in euro, not what European holders paid; before 2013 the euro price is the dollar price converted at the ECB rate.