Thermocap
Bitcoin
Thermocap is the cumulative total of all the money ever paid to Bitcoin miners, valued in USD at the time each block was mined.
Why it matters
It measures the aggregate security spend and real capital committed to the network since inception.
How it is built
Every block subsidy plus fees is valued at the USD price on its mining day and summed cumulatively into a monotonically rising total.
What to watch
As a floor-like measure of embedded cost, Thermocap underpins valuation ratios (e.g. price-to-Thermocap) used to judge whether Bitcoin is cheap or expensive relative to its security investment.
Measured on this chain
Thermocap on Bitcoin last read 98.47B on Sep 24, 2026, a change of +1.13% over 30 days, ranging from 66.89B (Jul 16, 2024) to 98.47B (Sep 24, 2026).
- Latest reading
- 98.47B
- Sep 24, 2026
- Change
- 1d 0%
- 30d +1.13%
- 90d +2.95%
- 1y +15.49%
- Range
- Low 66.89B·Jul 16, 2024
- High 98.47B·Sep 24, 2026
- Coverage
- Jul 16, 2024 — Sep 24, 2026
- 800 readings
| Date | Value |
|---|---|
| Sep 13, 2026 | 98.1B |
| Sep 14, 2026 | 98.14B |
| Sep 15, 2026 | 98.18B |
| Sep 16, 2026 | 98.21B |
| Sep 17, 2026 | 98.24B |
| Sep 18, 2026 | 98.28B |
| Sep 19, 2026 | 98.32B |
| Sep 20, 2026 | 98.35B |
| Sep 21, 2026 | 98.39B |
| Sep 22, 2026 | 98.43B |
| Sep 23, 2026 | 98.47B |
| Sep 24, 2026 | 98.47B |
Read from our own stored series, not quoted from a page.