Thermocap

Ethereum

The cumulative US-dollar value of all ETH issued as security rewards over the network's life.

Why it matters

It represents the aggregate amount spent to secure Ethereum, an economic value floor.

Daily issuance to validators (and historically miners) is valued in USD and accumulated.

Thermocap is a slow-moving valuation baseline reflecting total invested security spending.

Thermocap on Ethereum last read 29.41B on Aug 24, 2026, a change of 0% over 30 days, ranging from 29.41B (Jun 16, 2024) to 29.41B (Jun 16, 2024).

Read from our own stored series, not quoted from a page.