Definition. Aggregate Security Spend, or Thermocap, is the cumulative USD value of all coins paid to miners since genesis, serving as a proxy for the mining resources spent to secure the network. Market Cap to Thermocap Ratio is the related ratio.

Technical. Computed as the aggregate of coinbase transactions multiplied by the spot price in USD at the time each block was mined. For ETH, Thermocap is the cumulative value of issuance plus transaction fees minus burned fees, priced per 10-minute interval and including fees of failed transactions.

Notes. First proposed by Nic Carter.