Thermocap

Thermocap is a metric that tracks the total value of coins paid to miners, offering a clear view of how much a blockchain network spends on its own security. By multiplying all historical coinbase rewards by their USD value at the time they were mined, thermocap reflects the real capital that has flowed into sustaining mining operations. Because miners are responsible for maintaining and securing the network, this aggregated spend effectively represents the network’s total security budget.

Thermocap Metrics:

• thermocap - Total historical value of all mining rewards paid to miners
• mctc - The ratio comparing a network’s market capitalization to its thermocap

Free Access

• thermocap - Amount in USD
• mctc - Ratio

Timeseries Data

Daily Intervals

Price Latency

Available for bitcoin

Available under the name: thermocap

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{
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  getMetric(metric: "thermocap") {
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    timeseriesDataJson(
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      slug: "bitcoin"
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      from: "2025-11-01T00:00:00Z"
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      to: "2025-11-10T00:00:00Z"
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      interval: "1d"
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    )
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  }
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}

Available under the name: mctc

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{
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  getMetric(metric: "mctc") {
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    timeseriesDataJson(
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      slug: "bitcoin"
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      from: "2025-11-01T00:00:00Z"
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      to: "2025-11-10T00:00:00Z"
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      interval: "1d"
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    )
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  }
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}