How we compute the Index.
Flagship index: mining cost per BTC · published from public sources · revised as the dataset grows
This page documents exactly how the Index is built. We publish it so that IR teams, analysts and data buyers can judge the numbers on their merits — and so contributing companies know precisely what will happen to the data they share.
Scope
The Index tracks operational and financial metrics for publicly-listed Bitcoin mining companies. Its flagship series is mining cost per BTC — the cash cost to produce one bitcoin — standardized across the universe so companies are comparable.
Sources
Every figure is derived from a public source: SEC filings (8-K/6-K/10-Q/10-K), company IR releases and production updates. Each data point carries a source citation — a link to the exact document it came from — and an as-of date. Nothing is sourced from behind a paywall or a login.
How mining cost per BTC is computed
- What's included. We use the company's own disclosed mining cost where available. Where a company reports several scopes — cash cost, all-in, energy-only — we record the scope alongside the number and compare on the same basis.
- Period normalization. Miners report on different calendars — monthly, quarterly, YTD or annual. Where a figure spans multiple periods, we normalize it to a consistent period and state the basis on each row, so a monthly number is never silently compared to a quarterly one.
- Standardized estimates. Where a company does not disclose mining cost directly, we may derive an implied figure from its published operations and mark it clearly as an estimate — never as a confirmed company figure.
Verification
Company-verified figures are those a company has reviewed and confirmed through its IR team. Verified profiles are marked as such on their page. Unverified profiles are compiled from public disclosures and clearly labelled as estimates. Verification is granted following review by our data team and may be withdrawn if data is found to be misleading or selectively reported.
Aggregation & anonymity
- All contributed data is fully anonymized and aggregated before it enters any benchmark output.
- No contributor receives access to another company's raw data. Outputs are statistical aggregates only, and no aggregate is published where a single contributor could reasonably be identified.
- The names of contributing companies are public; the contents of their submissions are confidential.
- Participation is voluntary and independent. No coordination between competitors is requested or facilitated.
What this means for you
If you're the IR team for a miner we track, verify your profile to correct anything that's off, or contribute what isn't published. You get a company-verified badge; contributing companies also receive the anonymized sector benchmark. No company's raw data is ever shared with another.
Questions about this methodology? Write to us.