Mining

Miner Cap to Realized Cap (MCRC)

Definition

The ratio of Miner Cap over Realized Cap at the end of that interval. Miner Cap represents all funds held by mining pools and miners and is calculated as the sum of SplyMiner0HopAllUSD (supply held by mining pools) and SplyMiner1HopAllUSD (supply held by miners). Realized Cap (CapRealUSD) is defined as the sum USD value based on the USD closing price on the day that a native unit last moved (i.e., last transacted) for all native units.

Name

IMetricD

Unit

Interval

Miner Cap to Realized Cap (MCRC)

MCRC

Dimensionless

1 day

Details

This metric shows the ratio between the assets that miners hold in custody relative to the "cost basis" of the entire network.
Like MVRV, it can be used to better understand the market cycle as it identifies moments where the value of the supply held by miners is higher than the cost basis of the entire network.
Similarly, it may showcase when miners are capitulating and potentially selling at a loss.
Miners are speculators as they are naturally exposed to the price of the currency they are mining. As such, they collectively make buy or sell decisions that ultimately impact the market.

Chart

Interpretation

When comparing the USD value of what miners have in custody relative to the cost basis of the network as a whole, a natural threshold of 1 is relevant.
When this threshold is breached, it might indicate that miners are more willing to sell their assets, as their profit margins have widened.
Conversely, as this ratio nears zero, it might indicate miners are selling at a loss.

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)

Availability for Assets

Coin Metrics CoverageCoin Metrics Coverage

Miner Cap to Thermo Cap (MCTC)

Definition

The ratio of Miner Cap relative to Thermo Cap at the end of that interval. Miner Cap represents all funds held by mining pools and miners and is calculated as the sum of SplyMiner0HopAllUSD (supply held by mining pools) and SplyMiner1HopAllUSD (supply held by miners). Thermo Cap is RevAllTimeUSD and represents the USD value of all funds disbursed to miners at the time of issuance.

Name

MetricID

Unit

Interval

Miner Cap to Thermo Cap (MCTC)

MCTC

Dimensionless

1 day

Details

This metric shows the ratio between the assets that miners hold in custody relative to the assets that miners have been issued by the protocol as mining rewards.
Like MVRV, it can be used to better understand the market cycle as it identifies moments where the value of the supply held by miners is higher than what was issued to them.
Similarly, it may showcase when miners are capitulating and potentially selling at a loss.
Miners are speculators as they are naturally exposed to the price of the currency they are mining. As such, they collectively make buy or sell decisions that ultimately impact the market.

Chart

Interpretation

Historically, a threshold of 10 has been indicative of market tops.
When this threshold is breached, it might indicate that miners are more willing to sell their assets, as their profit margins have widened.
Conversely, as this ratio dips below 2, it might indicate market bottoms as miner's willingness to sell decreases.

Asset-Specific Details

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

Release History

Release Version: NDP 5.0 (August, 2021)

Availability for Assets

Coin Metrics CoverageCoin Metrics Coverage

Miner Outflow to Miner Revenue

Definition

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.

Name

MetricID

Unit

Interval

Miner Cap to Realized Cap

MOMR

Dimensionless

1 day

Details

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.

Interpretation

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)

Coverage

MOMR

Availability for Assets

Coin Metrics CoverageCoin Metrics Coverage

API Endpoints

Address Balances can be accessed using these endpoints:

timeseries/asset-metrics

and by passing in the metric ID's MCRC , MCTC and MOMR in the metrics parameter.

Asset metrics

get

Returns requested metrics for specified assets. Results for block by block metrics (1b frequency) are ordered by tuple (asset, height, block_hash), all other metrics are ordered by tuple (asset, time). You can change the sorting using sort query parameter. Supported output formats are json (default) and csv, use format query parameter to override it. To fetch the next page of results use next_page_url JSON response field or x-next-page-url CSV HTTP header if present. If multiple metrics are requested in the same time the strict policy for partially available metrics among requested ones is applied:

Authorizations

Query parameters

assetsstring[]Required

Comma separated list of assets. Use the /catalog-all/assets endpoint for the full list of supported assets or specify asterisk (*) in order to get metrics for all supported assets.

metricsstring[]Required

Comma separated metrics to request time series data for. Information on all available metrics can be found on page https://coverage.coinmetrics.io/asset-metrics-v2. Use the /catalog-all/metrics or /catalog-all/assets endpoint for the full list of supported metrics per asset.

Example: ["AdrActCnt","BlkHgt"]

frequencystringOptional

Frequency of the metrics. Supported values are 1b (block by block), 1s (one second), 1m (one minute), 5m (five minutes), 10m (ten minutes), 1h (one hour), 1d (one day), 1d-ny-close (one day at New York close time). Please refer to the /catalog/metrics endpoint for the full list. Use the /catalog-all/assets endpoint for the full list of supported frequencies per asset-metric pair.

Default: 1dExample: 1b

statusstring · enumOptional

Which metric values do you want to see. Applicable only for "reviewable" metrics. You can find them in the /catalog/metrics endpoint.

Default: allPossible values:

start_timestringOptional

Start of the time interval. This field refers to the time field in the response. Multiple formats of ISO 8601 are supported: 2006-01-20T00:00:00Z, 2006-01-20T00:00:00.000Z, 2006-01-20T00:00:00.123456Z, 2006-01-20T00:00:00.123456789Z, 2006-01-20, 20060120. Inclusive by default. Mutually exclusive with start_height and start_hash. UTC timezone by default. Z suffix is optional and timezone parameter has a priority over it. If start_time is omitted, response will include time series from the earliest time available.

end_timestringOptional

End of the time interval. This field refers to the time field in the response. Multiple formats of ISO 8601 are supported: 2006-01-20T00:00:00Z, 2006-01-20T00:00:00.000Z, 2006-01-20T00:00:00.123456Z, 2006-01-20T00:00:00.123456789Z, 2006-01-20, 20060120. Inclusive by default. Mutually exclusive with end_height and end_hash. UTC timezone by default. Z suffix is optional and timezone parameter has a priority over it. If end_time is omitted, response will include time series up to the latest time available.

start_heightinteger · int64Optional

The start height indicates the beginning block height for the set of data that are returned. Inclusive by default. Mutually exclusive with start_time and start_hash.

end_heightinteger · int64Optional

The end height indicates the ending block height for the set of data that are returned. Inclusive by default. Mutually exclusive with end_time and end_hash. This parameter is disabled for Community users.

start_hashstringOptional

The start hash indicates the beginning block height for the set of data that are returned. Inclusive by default. Mutually exclusive with start_time and start_height.

end_hashstringOptional

The end hash indicates the ending block height for the set of data that are returned. Inclusive by default. Mutually exclusive with end_time and end_height.

start_inclusivebooleanOptional

Inclusive or exclusive corresponding start_* parameters.

Default: true

end_inclusivebooleanOptional

Inclusive or exclusive corresponding end_* parameters.

Default: true

min_confirmationsinteger · int32 · max: 99Optional

Specifies how many blocks behind the chain tip block by block metrics (1b frequency) are based on. Default for btc is 2 and 99 for eth. For example, a min_confirmations of 0 means metrics are being calculated for the block at the tip of the chain (the latest block received by our node) whereas a min_confirmations of 6 means that metrics are being applied to the block that is 6 blocks behind the chain tip (i.e., the 7th block if the chain tip is block 1).

timezonestringOptional

Timezone name for start_time and end_time timestamps. This parameter does not modify the output times, which are always UTC. Format is defined by TZ database.

Default: UTCExample: America/New_York

page_sizeinteger · int32 · min: 1 · max: 10000Optional

Number of items per single page of results. The value of this parameter is ignored if the endpoint supports the format parameter and its value is set to json_stream.

Default: 100

paging_fromstring · enumOptional

Where does the first page start, at the start of the interval or at the end. The value of this parameter is ignored if the endpoint supports the format parameter and its value is set to json_stream.

Default: endPossible values:

sortstring · enumOptional

How results will be sorted. Metrics with 1b frequency are sorted by (asset, height, block_hash) tuples by default. Metrics with other frequencies are sorted by (asset, time) by default. If you want to sort 1d metrics by (time, asset) you should choose time as value for the sort parameter. Sorting by time is useful if you request metrics for a set of assets.

Default: assetPossible values:

limit_per_assetinteger · int32Optional

How many entries per asset result should contain. For example, this combination of parameters assets=btc,eth&metrics=ReferenceRate&limit_per_asset=1 returns the latest ReferenceRate values for btc and eth.

prettybooleanOptional

Human-readable formatting of JSON responses.

Default: false

formatstring · enumOptional

Format of the response.

Default: jsonPossible values:

null_as_zerobooleanOptional

Nulls are represented as zeros in the response.

Default: false

next_page_tokenstringOptional

Token for receiving the results from the next page of a query. Should not be used directly. To iterate through pages just use next_page_url response field.

ignore_forbidden_errorsbooleanOptional

Ignore "forbidden" errors for the items you currently don't have access to.

Default: false

ignore_unsupported_errorsbooleanOptional

Ignore "unsupported" errors for not currently supported by Coin Metrics items.

Default: false

Responses

200

Time series of metrics for an asset.

400

Asset not found.

application/json

401

Requested resource requires authorization.

application/json

403

Requested resource is not available with supplied credentials.

application/json

414

Provided URI is too long. It must not be greater than 10000 symbols.

get

GET /v4/timeseries/asset-metrics HTTP/1.1
Host: api.coinmetrics.io
Accept: */*

{
  "data": [
    {
      "asset": "btc",
      "time": "2020-02-29T00:00:00.000000000Z",
      "PriceUSD": "8582.09029964933",
      "SplyBMXNtv": "283220.10827406",
      "SplyBMXNtv-status": "reviewed",
      "SplyBMXNtv-status-time": "2020-03-01T09:59:13.847251000Z"
    },
    {
      "asset": "btc",
      "time": "2020-03-01T00:00:00.000000000Z",
      "PriceUSD": "8541.77389392169",
      "SplyBMXNtv": "284691.32323907",
      "SplyBMXNtv-status": "reviewed",
      "SplyBMXNtv-status-time": "2020-03-02T14:00:02.622168000Z"
    }
  ],
  "next_page_token": "0.MjAyMC0wNi0wN1QwMDowMDowMFo,MjAyMC0wNi0wN1QwMDowMDowMFo",
  "next_page_url": "https://api.coinmetrics.io/v4/timeseries/asset-metrics?api_key=<your_key>&pretty=true&assets=btc&metrics=SplyBMXNtv,PriceUSD&page_size=2&next_page_token=0.MjAyMC0wNi0wN1QwMDowMDowMFo,MjAyMC0wNi0wN1QwMDowMDowMFo"
}

curl --compressed "https://api.coinmetrics.io/v4/timeseries/asset-metrics?metrics=MCRC&assets=btc&pretty=true&api_key=<your_key>"

import requests
response = requests.get('https://api.coinmetrics.io/v4/timeseries/asset-metrics?metrics=MCRC&assets=btc&pretty=true&api_key=<your_key>').json()
print(response)

from coinmetrics.api_client import CoinMetricsClient

api_key = "<API_KEY>"
client = CoinMetricsClient(api_key)

print(
    client.get_asset_metrics(
        metrics="MCRC", 
        assets='btc',
    ).to_dataframe()
)

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Mining

Contents

Miner Cap to Realized Cap (MCRC)

Definition

Details

Chart

Interpretation

Asset-Specific Details

Release History

See Also:

Availability for Assets

Miner Cap to Thermo Cap (MCTC)

Definition

Details

Chart

Interpretation

Asset-Specific Details

Release History

See Also:

Availability for Assets

Miner Outflow to Miner Revenue

Definition

Details

Interpretation

Asset-Specific Details

Release History

See Also:

Coverage

Availability for Assets

API Endpoints

Asset metrics