Thermo Cap is the cumulative USD value of all block subsidies paid to miners across Bitcoin’s history. It is a running issuance benchmark, built from daily subsidy translated into USD at the market price of each day, and it excludes transaction fees.
A rising series means more subsidy value has accumulated through time. After halvings, the line still rises, but its slope slows as daily issuance declines. It is most useful with Market Cap and Thermo Cap Multiple, where the question is current valuation versus historical issuance value.
The key caveat is that Thermo Cap is cumulative and contextual. It is not a timing oscillator, not current miner revenue, and not a direct read on market value. Its role is to provide the long-run issuance base that the Multiple turns into an active valuation ratio.
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