Thermo Cap measures the total USD value paid to miners since genesis, calculated by pricing each newly mined coin at the block reward price at the time it was created - representing the aggregate capital that has historically flowed into the Bitcoin network through miner compensation and serving as a proxy for the minimum market cap at which miners remain collectively profitable.
Because it accumulates miner revenue at historical issuance prices rather than current market value, Thermo Cap grows slowly and steadily - making it a structurally stable lower bound for Bitcoin's market valuation. When market cap approaches Thermo Cap from above, the gap between what the market values Bitcoin at and what miners have collectively been paid to secure it narrows to historically rare levels - a condition that has repeatedly marked major cycle bottoms and high-conviction accumulation zones.
