This metric provides an estimate of the percent of mined supply which is spent by the mining cohort over a 30-day window. 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.

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.

• 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.