Thermocap (Cumulative Miner Revenue)
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Thermocap accumulates the USD value of miners’ block subsidies and transaction fees, valuing each period’s receipts at the price prevailing then. The result is cumulative nominal dollar revenue, not the current market value of all coins ever mined.
How to read it
A steeper line means new dollar revenue is accumulating faster, driven by BTC price, issuance and fees. The cumulative total rose from about $17.08 billion at the May 2020 halving to $60.32 billion at the April 2024 halving; a new high is normal for a running sum.
Thermocap is neither miners’ actual electricity bill nor their profit, and it does not measure all investor capital entering Bitcoin. Early USD values rely on historical valuation assumptions, while inflation and the accumulating base limit direct comparisons of absolute levels across eras.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- Mining
- Type
- Single value
- Unit
- USD
- Data since
- 2009-01-03
- Latest data
- 2026-10-27
- Data points
- 6,507
FAQ
How does Thermocap differ from Realized Cap?
Thermocap adds miner income at the prices when it was earned. Realized Cap values circulating coins at their last on-chain movement prices, so it tracks a different cost basis and can fall when coins move at lower prices.
Does Thermocap fall when BTC price falls?
Past revenue is not repriced at today’s BTC price. A price decline can slow new dollar additions, but it does not subtract revenue that has already accumulated.
Why is Thermocap shown on a logarithmic scale?
Its history spans from very small early dollar values to tens of billions of dollars. A log scale makes relative growth visible across that range instead of flattening the early years.
