> 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
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```

## 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
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```