The Market Cap to Thermocap Ratio is simply defined as Market cap / Thermocap, and can be used to assess if the asset's price is currently trading at a premium with respect to total security spend by miners. The ratio is adjusted to account for the increasing circulating supply over time.

This is the Point-in-Time (PiT) variant of Market Cap to Thermocap Ratio. PiT metrics are strictly append-only and their history is immutable. The historic data does not necessarily reflect the best current knowledge, but the information at the time when a data point was first computed. PiT metrics are ideal candidates for applications in model backtesting and related quantitative purposes. Read our article on PiT metrics for more information.