> For the complete documentation index, see [llms.txt](https://docs.glassnode.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.glassnode.com/basic-api/endpoints/mining.md).

# Mining

## Difficulty

> \*\*Definition.\*\* The current estimated number of hashes required to mine a block.\n\n\*\*Technical.\*\*  difficulty is often denoted as the relative difficulty with respect to the genesis block, which required approximately 2^32 hashes. For better comparison across blockchains, values here are denoted in raw hashes.\n\
> \
> \[View in Studio]\(<https://studio.glassnode.com/charts/mining.DifficultyLatest?a=BTC>)<br>

```json
{"openapi":"3.0.3","info":{"title":"Glassnode API - mining","version":"1.0.0"},"servers":[{"url":"https://api.glassnode.com","description":"Production API server"}],"security":[{"ApiKeyAuth":[]}],"components":{"securitySchemes":{"ApiKeyAuth":{"type":"apiKey","in":"query","name":"api_key","description":"Your Glassnode API key"}},"schemas":{"TimeSeriesResponse":{"type":"array","items":{"$ref":"#/components/schemas/TimeSeriesDataPoint"}},"TimeSeriesDataPoint":{"type":"object","properties":{"t":{"type":"integer","format":"int64","description":"Unix timestamp"},"v":{"oneOf":[{"type":"number"},{"type":"object"},{"type":"array"}],"description":"Metric value (can be number, object, or array depending on the metric)"},"o":{"type":"object","description":"Object containing multiple metric values (when applicable)","additionalProperties":true}}},"ErrorResponse":{"type":"object","properties":{"error":{"type":"string"}}}}},"paths":{"/v1/metrics/mining/difficulty_latest":{"get":{"summary":"Difficulty","description":"**Definition.** The current estimated number of hashes required to mine a block.\\n\\n**Technical.**  difficulty is often denoted as the relative difficulty with respect to the genesis block, which required approximately 2^32 hashes. For better comparison across blockchains, values here are denoted in raw hashes.\\n\n\n[View in Studio](https://studio.glassnode.com/charts/mining.DifficultyLatest?a=BTC)\n","operationId":"mining.DifficultyLatest","parameters":[{"name":"a","in":"query","required":true,"description":"asset id - (see metadata (metadata/metric) page for more details)}","schema":{"type":"string"},"style":"form","explode":false},{"name":"s","in":"query","required":false,"description":"since, unix timestamp","schema":{"type":"integer"},"style":"form","explode":false},{"name":"u","in":"query","required":false,"description":"until, unix timestamp","schema":{"type":"integer"},"style":"form","explode":false},{"name":"i","in":"query","required":false,"description":"frequency interval - 10m, 1h, 1month, 1w, 24h","schema":{"type":"string"},"style":"form","explode":false},{"name":"f","in":"query","required":false,"description":"format - csv, json","schema":{"type":"string","enum":["csv","json"],"default":"json"},"style":"form","explode":false},{"name":"timestamp_format","in":"query","required":false,"description":"timestamp format - unix or humanized (RFC 3339)","schema":{"type":"string","enum":["unix","humanized"],"default":"unix"},"style":"form","explode":false}],"responses":{"200":{"description":"Successful response","content":{"application/json":{"schema":{"$ref":"#/components/schemas/TimeSeriesResponse"}}}},"400":{"description":"Bad Request - Invalid parameters or unsupported asset","content":{"application/json":{"schema":{"$ref":"#/components/schemas/ErrorResponse"}}}},"401":{"description":"Unauthorized - Invalid or missing API key","content":{"application/json":{"schema":{"$ref":"#/components/schemas/ErrorResponse"}}}},"429":{"description":"Too Many Requests - Rate limit exceeded","content":{"application/json":{"schema":{"$ref":"#/components/schemas/ErrorResponse"}}}}}}}}}
```

## Hash Rate

> \*\*Definition.\*\* The average estimated number of hashes per second produced by miners in the network.\n\n\*\*Technical.\*\* Hash rate is not directly observable on-chain and is inferred from realised block intervals against current mining difficulty.\n\
> \
> \[View in Studio]\(<https://studio.glassnode.com/charts/mining.HashRateMean?a=BTC>)<br>

```json
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```

## Market Cap to Thermocap Ratio

> \*\*Definition.\*\* Market Cap to Thermocap Ratio is the ratio of Market Cap to Thermocap, used to assess whether the asset\&#x27;s price is currently trading at a premium with respect to total security spend by miners.\n\n\*\*Technical.\*\* The ratio is adjusted to account for the increasing circulating supply over time.\n\
> \
> \[View in Studio]\(<https://studio.glassnode.com/charts/mining.MarketcapThermocapRatio?a=BTC>)<br>

```json
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```

## Miner Outflow Multiple

> \*\*Definition.\*\* Miner Outflow Multiple identifies periods where the amount of  flowing out of miner addresses is high relative to its historical average.\n\n\*\*Technical.\*\* Computed as the ratio of miner outflow to its 365-day moving average, in USD.\n\n\*\*Interpretation.\*\* A reading near 1 reflects miner outflow in line with its trailing-year average. Readings well above 1 reflect accelerated distribution, below 1 suppressed distribution.\n\
> \
> \[View in Studio]\(<https://studio.glassnode.com/charts/mining.MinersOutflowMultiple?a=BTC>)<br>

```json
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```

## Miner Revenue (Block Rewards)

> \*\*Definition.\*\* The total amount of newly minted coins paid to miners as the block subsidy.\n\
> \
> \[View in Studio]\(<https://studio.glassnode.com/charts/mining.VolumeMinedSum?a=BTC>)<br>

```json
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```

## Miner Revenue (Fees)

> \*\*Definition.\*\* The percentage of miner revenue derived from transaction fees, computed as fees divided by fees plus newly minted coins.\n\
> \
> \[View in Studio]\(<https://studio.glassnode.com/charts/mining.RevenueFromFees?a=BTC>)<br>

```json
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```

## Miner Revenue (Total)

> \*\*Definition.\*\* The total miner revenue, equal to transaction fees plus the value of newly minted coins.\n\
> \
> \[View in Studio]\(<https://studio.glassnode.com/charts/mining.RevenueSum?a=BTC>)<br>

```json
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```

## Miner Unspent Supply

> \*\*Definition.\*\* The total amount sitting in coinbase outputs that have never been moved since issuance.\n\n\*\*Interpretation.\*\* A rising series indicates miners are retaining newly issued coins in their original coinbase outputs, a falling series indicates those outputs are being spent.\n\
> \
> \[View in Studio]\(<https://studio.glassnode.com/charts/mining.MinersUnspentSupply?a=BTC>)<br>

```json
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```

## Thermocap

> \*\*Definition.\*\* Aggregate Security Spend, or Thermocap, is the cumulative USD value of all coins paid to miners since genesis, serving as a proxy for the mining resources spent to secure the network.\n\n\*\*Technical.\*\* Computed as the aggregate of coinbase transactions multiplied by the spot price in USD at the time each block was mined.\n\n\*\*Notes.\*\* First proposed by \[Nic Carter]\(<https://twitter.com/nic\\_\\_carter).\n\\>
> \
> \[View in Studio]\(<https://studio.glassnode.com/charts/mining.Thermocap?a=BTC>)<br>

```json
{"openapi":"3.0.3","info":{"title":"Glassnode API - mining","version":"1.0.0"},"servers":[{"url":"https://api.glassnode.com","description":"Production API server"}],"security":[{"ApiKeyAuth":[]}],"components":{"securitySchemes":{"ApiKeyAuth":{"type":"apiKey","in":"query","name":"api_key","description":"Your Glassnode API key"}},"schemas":{"TimeSeriesResponse":{"type":"array","items":{"$ref":"#/components/schemas/TimeSeriesDataPoint"}},"TimeSeriesDataPoint":{"type":"object","properties":{"t":{"type":"integer","format":"int64","description":"Unix timestamp"},"v":{"oneOf":[{"type":"number"},{"type":"object"},{"type":"array"}],"description":"Metric value (can be number, object, or array depending on the metric)"},"o":{"type":"object","description":"Object containing multiple metric values (when applicable)","additionalProperties":true}}},"ErrorResponse":{"type":"object","properties":{"error":{"type":"string"}}}}},"paths":{"/v1/metrics/mining/thermocap":{"get":{"summary":"Thermocap","description":"**Definition.** Aggregate Security Spend, or Thermocap, is the cumulative USD value of all coins paid to miners since genesis, serving as a proxy for the mining resources spent to secure the network.\\n\\n**Technical.** Computed as the aggregate of coinbase transactions multiplied by the spot price in USD at the time each block was mined.\\n\\n**Notes.** First proposed by [Nic Carter](https://twitter.com/nic__carter).\\n\n\n[View in Studio](https://studio.glassnode.com/charts/mining.Thermocap?a=BTC)\n","operationId":"mining.Thermocap","parameters":[{"name":"a","in":"query","required":true,"description":"asset id - (see metadata (metadata/metric) page for more details)}","schema":{"type":"string"},"style":"form","explode":false},{"name":"s","in":"query","required":false,"description":"since, unix timestamp","schema":{"type":"integer"},"style":"form","explode":false},{"name":"u","in":"query","required":false,"description":"until, unix timestamp","schema":{"type":"integer"},"style":"form","explode":false},{"name":"i","in":"query","required":false,"description":"frequency interval - 1h, 24h","schema":{"type":"string"},"style":"form","explode":false},{"name":"f","in":"query","required":false,"description":"format - csv, json","schema":{"type":"string","enum":["csv","json"],"default":"json"},"style":"form","explode":false},{"name":"timestamp_format","in":"query","required":false,"description":"timestamp format - unix or humanized (RFC 3339)","schema":{"type":"string","enum":["unix","humanized"],"default":"unix"},"style":"form","explode":false}],"responses":{"200":{"description":"Successful response","content":{"application/json":{"schema":{"$ref":"#/components/schemas/TimeSeriesResponse"}}}},"400":{"description":"Bad Request - Invalid parameters or unsupported asset","content":{"application/json":{"schema":{"$ref":"#/components/schemas/ErrorResponse"}}}},"401":{"description":"Unauthorized - Invalid or missing API key","content":{"application/json":{"schema":{"$ref":"#/components/schemas/ErrorResponse"}}}},"429":{"description":"Too Many Requests - Rate limit exceeded","content":{"application/json":{"schema":{"$ref":"#/components/schemas/ErrorResponse"}}}}}}}}}
```


---

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