Mining & Network Metrics

Mining metrics track the computational security, economic output, and operational health of the Bitcoin network. They provide insight into miner behavior, network throughput, and the cost of securing the blockchain, all of which influence supply-side dynamics and long-term valuation.

#API Example

curl -H "x-api-key: YOUR_API_KEY" \
  "https://chartinspect.com/api/v1/onchain/{metric_id}?chain=bitcoin&days=365"

Replace {metric_id} with any metric ID listed below.

#Hash Rate

Metric ID: hash-rate

The total computational power dedicated to mining Bitcoin, measured in hashes per second. Hash rate reflects the aggregate investment in mining hardware and energy by all network participants.

Interpretation: Rising hash rate indicates growing miner confidence and network security. Sustained hash rate increases during bear markets signal that miners expect future price appreciation. Sharp drops in hash rate can indicate miner capitulation, hardware shutdowns, or regulatory disruptions, and have historically coincided with local price bottoms.

#Mining Difficulty

Metric ID: mining-difficulty

The difficulty target adjusts approximately every 2,016 blocks (roughly two weeks) to maintain an average block time of 10 minutes. It tracks the cumulative computational challenge required to mine a valid block.

Interpretation: Rising difficulty follows rising hash rate with a lag, confirming that new mining capacity is coming online. Difficulty drops (negative adjustments) occur when miners shut down unprofitable hardware, typically during bear markets or energy price spikes. Consecutive downward adjustments are a strong signal of miner stress.

#Miner Revenue

Metric ID: miner-revenue

Total daily revenue earned by miners, combining block subsidies (newly minted coins) and transaction fees. This represents the economic incentive driving network security.

Interpretation: Miner revenue denominated in USD tends to peak during bull market tops when both price and fees are elevated. Revenue in BTC terms declines with each halving, making fee revenue increasingly important. Low miner revenue relative to operational costs can trigger capitulation selling, which often marks cycle bottoms.

#Transaction Fees

Metric ID: transaction-fees

The total fees paid by users for on-chain transactions per day, measured in BTC or USD. Fees reflect demand for block space and network congestion.

Interpretation: Fee spikes indicate high demand for block space, typically during periods of intense trading activity, NFT mints, or inscriptions. Persistently low fees suggest low on-chain activity, which can be either a sign of reduced interest or efficient batching by large participants. Rising fee share relative to block rewards is a positive long-term sustainability signal.

#Block Height

Metric ID: block-height

The current block number in the Bitcoin blockchain. Each new block increments this counter by one, providing a monotonically increasing measure of chain progress.

Interpretation: Block height is primarily a reference metric used to contextualize other data points. It is essential for tracking halving events (every 210,000 blocks), estimating time until the next halving, and correlating on-chain events with specific blocks.

#Daily Blocks

Metric ID: daily-blocks

The number of blocks mined per day. The target is approximately 144 blocks per day (one every 10 minutes on average).

Interpretation: Daily block counts above 144 indicate that hash rate has increased since the last difficulty adjustment, as blocks are being found faster than the 10-minute target. Counts below 144 suggest hash rate has dropped. Persistent deviations in either direction are corrected by the next difficulty adjustment.

#Thermocap

Metric ID: thermocap

Thermocap is the cumulative total of all miner revenue (block rewards plus fees) across the entire history of Bitcoin. It represents the total cost of security, the aggregate amount paid to secure the network.

Interpretation: Thermocap provides a fundamental floor valuation based on the cumulative energy and capital invested in mining. When the market cap to thermocap ratio is low, the market is priced close to its total security cost, historically a strong value zone. A high ratio suggests the market has grown far beyond its cumulative security spend.

#Thermocap Flow

Metric ID: thermocap-flow

The ratio of market capitalization to thermocap. This measures how much market value has been generated per unit of cumulative security spend.

Interpretation: Low Thermocap Flow values (below 10) indicate that the market cap is relatively close to the total amount ever paid to miners, representing strong value. High values (above 32) suggest the market has significantly outpaced its security cost basis, historically aligning with cycle tops. This metric captures the return on investment in network security.

#Coinbase Rewards

Metric ID: coinbase-rewards

The block subsidy, the number of new Bitcoin created with each block. This tracks the issuance schedule across halving events (50 BTC initially, halving to 25, 12.5, 6.25, 3.125, and so on).

Interpretation: Coinbase rewards are the primary tool for understanding Bitcoin's disinflationary supply schedule. Each halving reduces the rate of new supply by 50%, creating supply shocks that have historically preceded bull markets. Tracking this alongside miner revenue reveals the growing importance of transaction fees in sustaining network security.

#Daily Issuance

Metric ID: daily-issuance

The total number of new Bitcoin created per day through mining rewards. This is a function of the block subsidy and the number of blocks mined.

Interpretation: Daily issuance provides the exact flow of new supply entering the market. After each halving, this figure drops by approximately 50%. Comparing daily issuance to exchange inflows and on-chain demand metrics helps quantify whether new supply is being absorbed by buyers or is contributing to sell pressure.