Market Cap to Thermocap Ratio
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
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About this metric
What it measures
The Market Cap to Thermocap Ratio is intended to divide Bitcoin’s market cap by cumulative miner revenue, with each day’s subsidy and fees valued in USD at that day’s price. The supplied series has an undocumented scale, so its raw values cannot be assumed to express that unscaled multiple.
How to read it
Conceptually, a higher ratio means market value is larger relative to accumulated miner revenue, while a lower ratio means a smaller valuation premium. On this series’ own scale, the 2017 annual high was about 0.00000441 and the 2022 annual low about 0.000000356, showing substantial variation across market phases.
Recent values are around one millionth, and the exact normalization needs verification before applying absolute thresholds or comparing with an unscaled ratio. Cumulative revenue is not mining profit or actual production cost, and early readings before reliable market pricing are especially difficult to interpret.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- Mining
- Type
- Single value
- Data since
- 2009-01-03
- Latest data
- 2026-10-27
- Data points
- 6,507
FAQ
What is Thermocap?
Thermocap accumulates miner revenue over time, valuing each day’s block subsidy and transaction fees at the BTC price for that day. It is historical gross revenue, not the current market value of all coins miners ever received.
Why are the chart’s ratio values so small?
The supplied history has recent values around 0.000001, but its exact scaling formula is not specified. Do not read a raw value below 1 as proof that market cap is below cumulative miner revenue; the normalization must be checked first.
How does this differ from MVRV?
MVRV divides market cap by Realized Cap, the aggregate value of coins at their last-moved prices. Thermocap instead accumulates revenue earned by miners, so it measures a different historical base and does not describe holder breakeven.
