Block Subsidy Model (Valuation)

The block subsidy model for Bitcoin is the cumulative USD denominated value issued to miners, otherwise known as the Thermocap. This represents the cumulative cost of production of BTC with multiples of the Thermocap indicating a monetary premium achieved over cost of production. Each market cycle, Bitcoin has doubled its monetary premium with the floor of bear markets being set higher each cycle and tops tending to coincide with a level around 64x the Thermocap. [original metric by @permabullnino and modified by _checkonchain]