Bitcoin Magazine PRO Mining Dashboard
Free preview of this useful new feature for paid subscribers. Bitcoin Magazine PRO’s Mining Dashboard includes various bitcoin mining metrics and important data about publicly traded mining companies.
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The following is an excerpt of today’s article for paid subscribers where we walk through our new mining dashboard in-depth. For access to the full dashboard, upgrade your Bitcoin Magazine PRO subscription.
Bitcoin Magazine PRO Mining Dashboard Release
Today, we’re announcing a new feature for paid subscribers: the Bitcoin Magazine PRO Mining Dashboard. The dashboard is designed to actively track important metrics specific to bitcoin mining and publicly trading mining companies. It covers data across hash rate, revenue, mining rigs, geographical hash share and mining-related equities. These are several of the key metrics we track on an ongoing basis and find them useful to assess the current state of bitcoin mining.
We will be releasing a complete snapshot of both the Markets Dashboard AND the Mining Dashboard to paid subscribers only along with a link to the live version on a password-protected website.
Upgrade to a paid subscription to be granted LIVE access to both this Mining Dashboard and our already released Market Dashboard, starting on Thursday, March 2.
All Visuals, No Summary
The Mining Dashboard is different from the Market Dashboard as it aims to show relevant mining market data rather than a bullish, neutral or bearish view on bitcoin price. Some of this data changes on a daily basis, like on-chain mining activity and equity prices relative to bitcoin performance, while other public miner production metrics change every month. There are many different mining data sets and metrics we can analyze further and we aim to make iterations of the dashboard in order to find the most useful information for paid subscribers. Below we will highlight some of the data and metrics we’re currently using.
Indicator Overview
In Mining Activity, you will find simple metrics like hash rate, hash price, difficulty change and cumulative miner total revenues and fee revenues in both BTC and USD over the last 30 days. You will also find Glassnode data for the change in miner transfer volume to exchanges and total known miner wallet balances that track short-term changes in miner accumulation or selling activity.
In Mining Metrics, we’ve included the Puell Multiple which is also highlighted in the Market Dashboard. We added the Market Cap to Thermocap Ratio. This ratio is another popular cyclical indicator to track bitcoin price relative to total security spend.
“The Market Cap to Thermocap Ratio is simply defined as Market cap / Thermocap, and can be used to assess if the asset's price is currently trading at a premium with respect to total security spend by miners. The ratio is adjusted to account for the increasing circulating supply over time.”
You will also find popular momentum and valuation metrics by Charles Edwards of Capriole Investments. The first is Hash Ribbons which track the 30-day moving average in hash rate versus the 60-day moving average in hash rate. There is a more in-depth article here. A more positive momentum signal is when the 30-DMA crosses over the 60-DMA (above 1). Vice versa, a more negative momentum signal is when the 30-DMA falls below the 60-DMA (below 1).
We also included models for BTC Production Cost across total and electricity costs as well as the model for BTC Energy Value and will update these on a weekly basis. These models aim to find an average mining cost of the entire network and a fair value for bitcoin price based on a function of energy output and other variables. More on the production cost estimates can be found here, while the methodology for the energy value model is here.
In Mining Rig Prices, you will find the Luxor and Hashrate Index data for Bitcoin mining rigs across efficiency types priced in USD. We find it useful to track changes in rig prices to assess the change in the overall demand for bitcoin and mining bitcoin. More on that can be found here and below:
“Our ASIC Price Index reflects the current price per TH of different Bitcoin mining ASICs grouped by three efficiency tiers. The ASIC Price Index is measured in both US dollars (USD) and bitcoin (BTC).
“Hashrate Index collects the price, hashrate, and electricity usage for dozens of SHA-256 miners over time. We leverage multiple sources including forums (Bitcoin Talk, Reddit), broker-dealers (websites, telegram channels), manufacturers’ websites, and Luxor's ASIC Trading Desk.
“We calculate the ASIC Price Index by averaging each unit price based on its nominal hashrate output. We group together different ASIC models into different efficiency tiers based on their power efficiency and display each efficiency in terms of $ per TH or BTC per TH. Each Bitcoin mining ASIC listing we use in the index is vetted through a confidence interval using previous index values and our proprietary algorithm.”
Upcoming Twitter Spaces: Bitcoin Magazine PRO will host Joe Consorti on Thursday, March 2 at 4:00pm ET for a discussion about credit spreads, Fed policy, and macroeconomic trends.
In Mining Other and Mining CBECI Hash Share, we’ve included external data sources for the Bitcoin Mining Council’s quarterly estimates on total network sustainable power mix and network efficiency looking at EH per GW. Although difficult to estimate, the Cambridge Bitcoin Electricity Consumption Index provides a view of Bitcoin network and country shares that are updated monthly.
As for public mining equities, we’re aiming to track most public miners in the market who provide some level of monthly production data across holdings, hash rate, monthly production and fleet size. For now, we’ve just included some simple metrics to view hash rate and production relative to overall market capitalization along with equity performance relative to bitcoin performance on a 30-day basis. Prices, market cap and relative performance change daily, while production metrics are collected directly after new production reports are released at the beginning of each month. We’ve also included aggregate totals for those metrics across miners.
The following is a limited preview of the Mining Dashboard. Click the image to zoom in. (Not shown: Data for Public Mining Equities)
The full Mining Dashboard is an exclusive feature for paid subscribers of Bitcoin Magazine PRO. If you want access to the full mining dashboard, upgrade your subscription now!
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