About Mining & Network

The Mining & Network Dashboard is an institutional-grade diagnostic suite that monitors the health, security, and economic viability of the Bitcoin network. By analysing the interaction between the physical world (hashrate and electricity) and the digital world (difficulty and issuance), this dashboard provides a real-time window into the structural supply side of the market. It serves as a vital tool for identifying miner capitulation events and assessing the security-to-value relationship of the network. The suite spans ten distinct views. Core mining views cover **Hashrate** (with ATH drawdown overlay and halving markers), **Difficulty**, **Production Cost**, the **Puell Multiple**, **Hash Ribbons**, and **Revenue** (with toggleable layers for the raw series, 30-day volatility, and configurable rate-of-change windows). The **Bitcoin Yardstick** scores the network's price against its hashrate security spend. **Network Health** tracks on-chain activity across four sub-metrics: average fees per block, total fees, UTXOs spent, and UTXOs created. The **NVT Ratio** (Network Value to Transactions) measures the ratio of market capitalisation to on-chain transaction volume, functioning as a fundamental valuation lens: low readings indicate the network is cheap relative to its economic throughput, whilst high readings warn of speculative excess decoupled from real usage. The suite further includes a **Stocks** view that benchmarks twelve publicly traded mining equities against Bitcoin on a common index, with an optional performance table sortable by total return, CAGR, and return versus BTC. A persistent Mining Statistics panel surfaces live readings for hashrate, ATH drawdown, difficulty, production cost, Puell Multiple, daily revenue, next halving date, and current inflation rate.

Signal Zones

Trading Signals by Regime

How It Is Calculated

Frequently asked questions

What do the Hash Ribbons actually represent?

The Hash Ribbons monitor the 30-day and 60-day moving averages of hashrate. When the 30-day drops below the 60-day, it signals that miners are turning off machines because they are no longer profitable (capitulation). The 'buy' signal occurs when hashrate begins to recover and cross back over, often marking a major price bottom.

How is the Bitcoin Yardstick different from MVRV?

While **MVRV** compares price to cost basis, the Yardstick compares **Market Cap** to the Hashrate. It evaluates whether Bitcoin is 'cheap' or 'expensive' relative to the physical work being done to secure it. It is essentially a 'Price-to-Work' ratio.

Why does the Production Cost act as a price floor?

Miners are the natural sellers of Bitcoin. When the price falls below the cost of production, they are forced to hold their coins rather than sell at a loss, or exit the market entirely. This reduction in sell pressure often creates a floor for the spot price.

What is the Puell Multiple?

The **Puell Multiple** is the ratio of daily issuance value (in USD) to the 365-day moving average of daily issuance value. It measures how much miners are currently making compared to the previous year. Extremes in this metric have historically flagged every major market top and bottom.

What does the NVT Ratio measure and how does it differ from the Bitcoin Yardstick?

The **NVT Ratio** (Network Value to Transactions) divides market cap by on-chain transaction volume. It is fundamentally a demand-side valuation lens: is the network being used enough to justify its price? The Bitcoin Yardstick is a supply-side security lens: is the network being secured enough to justify its price? Both can flag overvaluation simultaneously, but they describe different failure modes - the Yardstick warns of a security premium, whilst NVT warns of a speculative premium decoupled from actual economic activity.