Dashboard/Lab/Thermocap

Thermocap

MVRV / NUPL

Market cap divided by cumulative miner revenue. Measures how much value the market assigns per unit of security spend.

Current Value

17.2881

As of

2026-10-16

Z-Score

—

Signal

No threshold

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Methodology

Open, reproducible — computed from our own archive node

Definition

Thermocap Multiple — market cap divided by cumulative miner revenue (total USD ever paid to secure the network). It measures how much market value is assigned per dollar of security spend.

Formula

thermocap_multiple = market_cap / Σ(daily issuance_btc × price)

How we compute it

We reconstruct daily issuance as the day-over-day change in total mined BTC, value it at that day's price, take the cumulative sum (thermocap), and divide market cap by it. Clamped to [0, 100].

Provenance · Every on-chain metric traces back to our own self-hosted Bitcoin archive node — no third-party data vendor sits in the path. We extract the full UTXO lifecycle (each output's creation height/time, value, and the height/time it was later spent), join it against an independent USD price oracle, and roll it up into daily aggregates. The metric formulas are pure functions over those aggregates (src/pipeline/formulas.py), so any value on this page can be reproduced from the published daily archive.

Interpretation

High multiples mean the market is paying a large premium over cumulative security spend (frothy); low multiples mark undervaluation relative to the network's invested cost.

Caveats & limitations

  • ·Cumulative miner revenue here is issuance-only (subsidy × price); it does not add transaction fees. For a fee-inclusive miner-revenue view, see the real Puell Multiple and fee metrics.
Data points: 5,904 rows, 2010-08-18 to 2026-10-16Open in Lab →

Current Thermocap reading

As of 2026-10-16, Bitcoin’s Thermocap is 17.29, compared with 26.28 one year earlier (2025-10-16). The series has 5,904 daily readings from 2010-08-18 to 2026-10-16, computed from our own full-archive Bitcoin node and refreshed every day.

Historical extremes

The highest Thermocap on record is 100 on 2010-08-18; the lowest is 1.047 on 2011-11-21. Readings near either end of that range have historically coincided with cycle turning points — use the chart above to see where today sits relative to past extremes.

Read it with

  • MVRV — Market Value to Realized Value.
  • MVRV Z-Score — Standardized MVRV separating market cap from realized cap relative to volatility.
  • NUPL — Net Unrealized Profit/Loss.
  • Realized Cap — Sum of all UTXOs valued at the price when they last moved, measured coin by coin from our own node.
  • BTC Price — Bitcoin price (USD)

Data & method

Source: computed from raw UTXO data on OnChainLab’s own Bitcoin node — no third-party data vendor. Category: MVRV / NUPL. Last updated 2026-10-16. The full series is free to download as JSON or as part of the full daily CSV, and the published dataset is cryptographically committed — you can verify it yourself. Browse all metrics.