BITCOIN THERMOCAP MULTIPLE
Is Bitcoin worth more than what built it?
Bitcoin's total value set against everything miners have ever been paid to build and guard the network.
What all Bitcoin is worth for every dollar miners have earned
Higher means the market pays more for every dollar miners have ever earned; lower means it sits closer to that cost. Equal steps up the scale are equal percentage rises, so the whole record fits one view. In the past four years the line ran between 6.83 and 31.20.
Inspect and compare dates
Pick two to four dates and read the multiple on each.
| Measure | Change | Relative change | ||
|---|---|---|---|---|
| Value for every dollar miners earned | 16.91 | 17.79 | +0.88 | +5.2% |
Right now
The market is paying about as much for every dollar miners have earned as it usually has over the past four years. Around the middle of its four-year ranking.
All Bitcoin is worth 17.79 times everything miners have ever been paid to build and guard the network, at the 28 Sep 2026 close.
Where it sits in four years
Smoothed over about a week, the multiple reads 17.88, at the 51st percentile of the 1,460 days since 30 Sep 2022. Over those four years that smoothed reading ran between 7.10 and 30.47.
The ranking, the zone above and the four-year floor and ceiling are all taken from that week-smoothed reading rather than from a single day, so one noisy day cannot move them. The chart draws each day's own reading, which is why its line reaches a little further at both ends. That smoothed reading is up 6.59% over the past 30 days.
What changed
On the chart's own line the multiple rose from 16.77 to 17.79 over the past month, since 28 Aug 2026.
A rise means the market is paying more for every dollar miners have earned. It can come from the price climbing, or from miners earning less, and most of the time it is the price.
How far it swings
In the past four years the drawn line reached 31.20 on 13 Aug 2025 and fell to 6.83 on 21 Nov 2022. It reads 17.79 on 28 Sep 2026.
The multiple swings with the market rather than drifting one way. Wider still: the highest reading since 2012 is 73.60, on 16 Dec 2017, and the lowest on the whole record is 0.98, on 18 Nov 2011.
How to read it
It is a sanity check against something real, not a price target.
Miners' pay is money and energy that was actually spent, so this compares what the market says Bitcoin is worth with what it took to make it. Readings stay high or low for months at a time, so the multiple says where the market stands, not when that changes. It is not a prediction, and it is not advice to buy or sell.
What to watch from here
- The zone above follows that week-smoothed ranking, which stood at 51.3% on 28 Sep 2026. Watch for a sustained move toward either end of its four-year ranking.
- On half of the 1,460 days in that four-year window the line moved less than 1.17% from the day before, so the direction over weeks says more than any single day.
Understanding
Thermocap Multiple
Where it stands today
Bitcoin's value next to everything miners have ever earned looks fair as of .
What does this chart measure?
It divides what the whole market says Bitcoin is worth by every payment miners have ever received for running the network, each counted at Bitcoin's price on the day it was paid. The answer is a multiple: on 28 Sep 2026 all Bitcoin was worth 17.79 times that total.
Why compare it with what miners earned?
Because miners' pay is a cost behind Bitcoin that can be counted in full. Machines, electricity and time went into earning it, and every payment is recorded on the chain with the day it was made, so each one can be valued at Bitcoin's price on that day. Setting the market's number against that spending is a way of asking how far the price sits above the work that produced it.
What does the ranking below the verdict measure?
The multiple is first smoothed over about a week, then placed against the same smoothed reading on each of the 1,460 days since 30 Sep 2022. On 28 Sep 2026 it was 17.88, and it had been that high or lower on 51.3% of those days, that day included. The smoothed reading is used rather than a single day's so that one noisy day cannot move the zone. It is why the four-year floor and ceiling in the reading, 7.10 and 30.47, sit inside the range the chart's own line covers, 6.83 to 31.20.
Does a high reading mean Bitcoin is expensive?
It means the market is paying more for every dollar of that spending than it usually has over the past four years. Readings have stayed high for months and stayed low for months, so a high one is a description of where the market stands, not a signal that it is about to turn.
Why does the early part of the chart tower over the rest?
In Bitcoin's first years almost nothing had been spent on mining yet, so a small market value divided by a tiny total gave enormous numbers. As the spending piled up the multiple came down to the range it has cycled in ever since. The lowest reading on the record is 0.98, on 18 Nov 2011.
How often does it change?
The record steps one day at a time and holds complete days only, so the newest reading is the last full day, 28 Sep 2026. Only the Bitcoin price line, once you turn it on, runs on to the live price.
The numbers
behind the chart
What does the current reading show?
Value for every dollar miners earned: the latest reading is 17.79, on . The highest reading since is 557.29 on ; the lowest is 0.98 on .
Daily readings since 16 Aug 2010 let you compare the latest day with earlier months. Highest and lowest cover every reading since then; month-end values use the last reading on or before that date. The latest reading is 17.79, for 28 Sep 2026.
What are the latest, highest and lowest readings?
| Measure | Latest | Highest | Lowest |
|---|---|---|---|
| Value for every dollar miners earned | 17.79 | 557.29 | 0.98 |
How do the readings compare with earlier dates?
| Reference date | Value for every dollar miners earned |
|---|---|
| 1 month ago | 16.77 |
| 3 months ago | 13.08 |
| 6 months ago | 15.05 |
| 1 year ago | 27.56 |
| 2 years ago | 20.02 |
What was the reading at each month’s end?
| Reading date | Value for every dollar miners earned |
|---|---|
| 16.95 | |
| 13.73 | |
| 12.83 | |
| 16.37 | |
| 17.07 | |
| 15.47 | |
| 15.32 | |
| 18.15 | |
| 20.45 | |
| 21.60 | |
| 26.43 | |
| 27.93 | |
| 27.19 | |
| 29.67 | |
| 27.95 | |
| 27.80 | |
| 25.54 | |
| 22.62 | |
| 23.50 | |
| 29.04 | |
| 27.04 | |
| 28.53 | |
| 21.09 | |
| 19.32 |
Source: Maketo's daily record of Bitcoin's value against everything miners have earned. Reading for .