Miner Outflow to Miner Revenue (MOMR)


The ratio of Miner Outflows over Miner Revenue at the end of that interval. Miner outflows represent the sum of funds being sent by miner addresses (1-hop from the coinbase) and are calculated as FlowMinerOut1HopAllNtv. Miner Revenue represents the sum of funds (new coins and transaction fees) sent to miners over a time window and is calculated as RevNtv.








Miner Outflow to Miner Revenue (MOMR)






1 day


  • This metric shows the ratio between the assets leaving miner addresses relative to how much miners have received as revenue.

  • The FlowMinerOut1HopAllNtv is part of our Miner Flows family of metrics, which takes into account the custody structures within mining pools and their constituents who are individually mining.



  • When comparing the USD value of what miners are sending relative to the funds they are receiving, there appears to be a negative relationship with price.

  • That makes intuitive sense as it might indicate that miners are sending more funds out (which might show higher willingness to sell) relative to what they are receiving as revenue.

  • As such, this ratio might serve as a barometer for miner sentiment and identify liquidity events when miners might be bearish.

  • It is important to note that the mere act of sending funds from one address to another does not necessary signify the act of selling.

  • Only when there is a clear & noticeable uptick in this metric that the speculation that miners are selling is defensible, given that outflows might signify more mundane events such as a cold wallet shuffle.

  • Miner outflows are naturally very volatile. As such, we recommend using a monthly (30d) Moving Average when visualizing this metric.

Asset-Specific Details

Only applicable to assets for which we have SplyMiner0HopAllUSD (supply held by mining pools), SplyMiner1HopAllUSD (supply held by miners) and Realized Cap (CapRealUSD).

Release History

  • Release Version: NDP 5.0 (August, 2021)

See Also:

Availability for Assets