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 have coincided with capitulation events, and ratios above 2.0 with 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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