BTC Thermocap Multiple: 16.68
Compares what all bitcoin is worth against every dollar miners have ever been paid to secure it. Low readings mean the network is cheap relative to the security spent on it; past cycle tops showed extreme readings.
The total value of all bitcoin today, divided by all the money miners have earned since 2009 added together. It measures today's price against the cumulative cost of protecting the network.
The bottom number **only** ever grows, so this ratio drifts down over the years and old peaks are not directly comparable with new ones. For example, a reading of 20 means bitcoin is worth 20 times everything ever paid to miners; past cycle peaks came in **above** 30 while quiet periods sat in single digits.
Read it against its own recent range rather than a fixed threshold.
In words: today's price times the coins in existence, divided by every dollar of miner income since the start [market cap ÷ cumulative miner revenue]. Miner income each day is the new coins plus fees, valued at that day's price.
Before August 2010 no price was recorded, so those earliest days add roughly zero to the running total — the standard convention, but it makes the very earliest readings look slightly high. The bottom number **never** falls, so the whole line trends downward by construction.
Our own full BTC price history (btc_price_daily: blockchain.info daily closes, 2010-08 to today, 5800+ points). No external API at request time. + deterministic supply model.
Own compute · full BTC price history 2010+ (no external API)