Price-to-Production Ratio

Bitcoin market price divided by the Tier 2 (cash OPEX) production cost. Shows whether miners are operating profitably.

Why: Direct measure of mining industry health. Extended periods below 1.0 historically trigger capitulation events. Ratios above 2.0 signal expansion cycles.

Category: Mining | Formula: BTC Price ÷ Production Cost (Tier 2 Cash OPEX)

Available in briefings: btc.miner-survival, btc.energy

API: GET /api/context?briefing=btc.miner-survival

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