Each time a miner successfully mines a block they are rewarded with newly issued Bitcoin, commonly referred to as the block subsidy. Miners also earn the transaction fees for all of the transactions included in the block. Together, block subsidies and transaction fees make up the miners’ revenue. The all-time, cumulative miner revenue is often called the “thermocap,” and is calculated by taking the running sum of daily miner revenue in USD.
The miner capitalization is equal to the sum of balances of all mining entities multiplied by the price of that day. A mining entity is an address that receives newly issued supply or transaction fees.
The calculation for mCTC is then simply: MinerCap/ThermoCap.
Data provided by: https://coinmetrics.io/
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