Compares miners' issuance revenue for the day (freshly created bitcoins, in dollars) to its one-year average. Above 1, miners earn more than usual; below, less.
A thermometer of miner stress, useful as a cycle marker. Very low (< 0.5) = poorly paid issuance, often a miner capitulation near market bottoms. Very high (> 4) = very profitable issuance, often near euphoric tops. Like any cycle indicator: a context marker, never a standalone signal, and the past guarantees nothing.
| < 0.5 | poorly paid issuance: miner capitulation zone, near historical bottoms |
| 0.5 – 1 | below the yearly average: moderate issuance revenue |
| 1 – 2 | above the average: normal uptrend regime |
| 2 – 4 | very profitable issuance: overheating, historical caution |
| > 4 | extreme: euphoria — past tops have visited this zone |
Descriptive historical markers, not decision thresholds.
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