Market Cap to Thermocap Ratio

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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.

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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.