Definition. This chart provides an estimate of the percent of mined supply which is spent by the mining cohort over a 30-day window (blue columns), shown with the miner balance excluding Patoshi (salmon), a 100% reference line, and price (dark grey). Due to the competitive and capital intensive nature of the mining industry, miners have historically needed to distribute a majority of the coins mined to cover input costs.

Technical. The model compares the 30-day change in miner balance to the 30-day total issuance in order to assess the proportion of mined coins that are spent in aggregate:

• Percent of Mined Supply Spent = (30d Issuance - 30d Change in Miner Balance) / 30d Issuance x 100

where the miner balance excludes the Patoshi entity, and 30-day issuance is measured as the 30-day change in circulating supply.

Interpretation.

• Values = 100% indicate that in aggregate, a volume of coins equal to the total mined supply was spent.

• Values < 100% indicate that miners are retaining a portion of mined supply in treasury reserves.

• Values > 100% indicate that miners are distributing coins in excess of the mined supply, and are thus depleting treasury reserves.

Extended periods above 100% describe treasury drawdown and have historically clustered around miner stress events (post-halving margin squeezes, deep drawdowns), while sub-100% regimes indicate the industry is operating profitably enough to hold back coins.

Notes. Built from Miner Balance and Circulating Supply. Labelling coverage context is charted in Miner Coverage; the balance itself with net position change is in Miner Balance (Minus Patoshi and Other).