This metric overlays the Total Miner Revenue 🟠 alongside the Estimated Production Cost 🔵. This allows for assessing the degree of miner profitability, or income stress being experienced across the aggregate mining industry.

The Estimated Production Cost is calculated as follows:

Production Cost = Issuance * Difficulty Regression Price

Periods where Miner Revenue trades above the estimated cost of production suggests that the average miner is profitable, and vice-versa. From this, we can calculate the number (and percent) of trading days where miners are considered profitable by this metric (chart for reference).

This model is derived from the Difficulty Regression Model.