The dollar value of the new coins paid to miners on the day (fees not included), divided by the daily average of the last 365 days. Above 1 they are earning more than their own year; below 0.5 the squeeze is on. Bold line = 30-day average.
×0.93 miner pay ÷ its own year on Oct-22 2026, the last day in this build, measured and published by askthetape.com.
Miners are paid in new coins, and their income in dollars swings with both the coin price and the halvings. This puts the day's pay against their own last twelve months: above 1 they are earning more than their recent normal, and the deep lows — under 0.5 — have marked the stretches where the weakest machines get switched off. The new coins are the block subsidy of every block our own node saw that day, one block at a time, and the price is our own daily close, so nobody's model sits between the chain and the line. Transaction fees are NOT in it — that is how this ratio is normally defined. Until 2026-09-22 this line was drawn from a public chart that adds the fees in: the two part company by a median 0.9 %, and on 2024-04-20 — halving day, when the fee market went wild — by 73 %, 2.80 against 0.75.
| leg | our own node: the scheduled block subsidy of the blocks the node saw that day × our own daily close ÷ the 365-day mean of the same (data/own/chain_node_daily.csv, column subsidy_btc, written by the node leg). 🩸 This one is NOT from the UTXO ledger — it is issuance read from block headers, so it is the one page here that survives a ledger fault. |
|---|---|
| cadence | daily |
| since | 2010-07-17 (our daily price era) |
| 🩸 early price | price before 2011-08-18 is not our own capture: it is the Mt.Gox daily tape, the first market bitcoin ever had — Mt.Gox daily tape (close), an open mirror, sha256 3390e9e9, pulled 2026-09-12, 391 days of it, and our own daily closes take over on 2011-08-18. Before 2010-07-17 there was no market at all, so coins born earlier have no price and no cost basis — we print that rather than fill it: 1,553,115 BTC, 7.76 % of the coins our ledger holds, stand outside every number on this page. Nothing is backfilled and no quote from a non-exchange is used. |
| 🩸 what changed on 2026-09-22, and by how much | until 2026-09-22 this line was built from the vendor's block-reward series while the text above said it came from our node — it did not. Moving the line onto the node changes it by a median 0.95 % (nine days in ten inside 8.22 %); the worst day is 2024-04-20, 2.802 against 0.752. The count of days under 0.5 — the squeeze this page is read for — is 261 on the old line and 261 on this one. |
| 🩸 how much of this is just the price | a fair question, and here is the number rather than a promise: replace the miner's pay with a constant and this ratio becomes «price against its own 365-day average». Ours correlates 0.9968 with that twin, and the row this page carried until 2026-09-22 correlated 0.9968 — the same. So the ratio has always been mostly the price; what the chain adds is the day's block count, and it moves the line by a median 9.7 % (it was 10.2 % on the old leg). Where it matters most it matters most: the squeeze below 0.5 happens on 261 days by this row and on only 116 days if you use the price alone. |
| note | fees are not in it: this is the block subsidy only, the way the ratio is normally defined — and since 2026-09-22 that subsidy is read on our own node, so the sentence is true of the line and not only of the definition. |
| policy | no backfill · read it here · export: whole history |
| this build | data to Oct-22 2026 |
| policy | no backfill · read it here · export: whole history |
The chart itself is drawn in the browser: turn JavaScript on to hover a day, pick a window and draw your line. The numbers above come from the last build, Oct-23 2026 21:24Z.
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