Each time a miner successfully mines a block they are rewarded with newly issued Bitcoin (the block subsidy), plus transaction fees. The all-time cumulative miner revenue is called the "ThermoCap" and is computed as the running sum of daily miner revenue in USD. The ratio is simply: MarketCap / ThermoCap.

Historically this metric has peaked above a value of 40 for each market cycle top or mid-cycle top for Bitcoin. When it rises above those levels it can serve as confirmation alongside other metrics that a market cycle top may be near.

Note: ThermoCap here is estimated from the known BTC block reward schedule (~144 blocks/day × subsidy × daily price). Transaction fees are excluded, which slightly overestimates the ratio. Market Cap is computed as price × estimated circulating supply from the emission schedule.