Index Methodology
Transparent documentation of how our mining indexes are calculated.
Mining Climate Rating (MCR)Full methodology →
The MCR measures the overall health of Bitcoin mining on a 0–100 scale by comparing current mining revenue per terahash against a calibrated baseline.
What it measures
Revenue per TH/s per day, derived from the BTC price and network difficulty. A higher score means miners are earning more relative to historical norms.
Score interpretation
- 0–39 (Challenging): Revenue is well below baseline. Marginal miners are unprofitable and may shut off.
- 40–69 (Moderate): Mining is viable for efficient operators but margins are thin.
- 70–100 (Favorable): Strong revenue environment. Mining is broadly profitable.
Data sources
BTC price from CoinGecko, network difficulty from blockchain.info. Refreshed every 6 hours.
Operator Stress Index (OSI)Full methodology →
The OSI quantifies how stressed a Bitcoin mining operator is at three different electricity price points, assuming a default hardware efficiency of 25 W/TH.
What it measures
For each power-cost scenario ($0.03, $0.06, $0.09 per kWh), the OSI calculates the operating margin and converts it to a 0–100 stress score. Higher score = more stress.
Score interpretation
- 0–39 (Low Stress): Healthy margins. Operations are comfortable.
- 40–69 (Moderate Stress): Margins are thinning. Watch costs closely.
- 70–100 (High Stress): Near or below breakeven. Consider curtailing operations.
Assumptions
Default efficiency: 25 W/TH (representative of modern ASICs like S19 XP / S21). The three scenarios bracket the typical range of industrial ($0.03), mixed ($0.06), and retail ($0.09) electricity rates.