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Valuation Models

Thermocap Multiple

Bitcoin market cap relative to cumulative miner revenue

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Chart informationThermocap Multiple

About This Indicator

The Thermocap Multiple measures Bitcoin's market capitalisation relative to its Thermocap — the cumulative total of all miner revenues in USD, representing the total capital invested to secure the network. Historically, multiples above 33× have marked cycle tops while values below 4× have indicated deep value accumulation zones.

Current Value & Interpretation

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Data Sources

  • Miners Revenue: Blockchain.info (full history from 2009)
  • BTC Price & Supply: CoinGecko (stored daily)

Last Updated

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Related Charts

  • Stock-to-Flow ModelCompares existing Bitcoin supply (stock) with new issuance (flow) to model scarcity. The app derives a model price from the ratio using the calibration 0.4 × ratio³.
  • Stock-to-Income RatioExtends the Stock-to-Flow idea by folding miner transaction fees/income into the issuance side, giving another lens on Bitcoin scarcity and model valuation.
  • MVRV Z-ScoreCompares Bitcoin market value with realized value, normalized to a Z-Score, to identify historically overheated and undervalued conditions.
  • Realized PriceEstimates the average on-chain acquisition price of circulating coins (aggregate cost basis). Spot below realized price implies aggregate loss; spot far above implies a large profit premium.