This metric presents two estimates the all-time input costs for the production of the BTC supply. It describes two approaches for calculating the total all-time cost of production for the coin supply:

• 🟢Thermocap taking the cumulative sum of Issuance multiplied by spot price.

• 🔴Difficulty Production Cost taking the cumulative sum of the Difficulty Regression Price times Issuance.

In this model, the Thermocap can be considered the Realized Revenue, whilst the Difficulty Product Cost is considered the input aggregate expense.

From this, we can calculate an all-time-aggregate profit margin for the mining industry 🟦 calculated as follows:

All-time Margin = (Thermocap - Difficulty Production Cost) / Difficulty Production Cost

This model is derived from the Difficulty Regression Model.