Aggregate security spend, or "Thermocap", is the aggregated amount of coins paid to miners and serves as a proxy to mining resources spent. It serves as a measure of the true capital flow into the network and is computed as the aggregate coinbase transactions multiplied by the price in USD at the time they were mined. This metric was first put forth by Nic Carter.

This is the Point-in-Time (PiT) variant of Thermocap. 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.