GuideAPI Doc

Capitulation & Miner Pressure Metrics

Identify miner stress periods, shutdown risk, and market-bottom conditions.

Overview
Capitulation metrics analyze miner profitability against operational costs and hash rate trends. When mining revenue falls below sustainable levels, miners may power off equipment — historically coinciding with major market bottoms.

Formula

H C O = M A 30 ( H a s h R a t e ) M A 60 ( H a s h R a t e ) − 1 HCO = \frac{MA_{30}(HashRate)}{MA_{60}(HashRate)} - 1
M P S = M i n e r R e v e n u e D i f f i c u l t y MPS = \frac{MinerRevenue}{Difficulty}
M E I = M i n e r R e v e n u e E n e r g y C o s t + O p e r a t i o n a l C o s t MEI = \frac{MinerRevenue}{EnergyCost + OperationalCost}

Interpretation

  • HCO < 0: short-term hash rate decline → miner stress.

  • MPS ↓: higher operational pressure.

  • MEI < 1: unprofitable conditions, risk of exits.

Insights
Periods of extreme miner stress (capitulation) often align with price bottoms and present strong long-term accumulation signals.

Available Metrics