TCB PROPRIETARY INDEX — updated daily
TCB Miner Stress Score
0.813 (1.000 = breakeven)
Stress Zone — 2026-06-11
Hash price today: $32/PH/day vs estimated breakeven $40/PH/day. Network hashrate: 876.5 EH/s.
What This Index Measures
The TCB Miner Stress Score is the ratio of today’s hash price to the estimated all-in production cost for the average Bitcoin miner. A score above 1.0 means miners are profitable. Below 1.0 means they are losing money at current prices and difficulty.
When the score falls below 0.7, the market is in capitulation territory: inefficient miners shut down, difficulty drops, and the remaining miners gain a larger share of block rewards. These periods have historically coincided with price bottoms.
How TCB Computes It
Formula: hash_price / estimated_breakeven_cost
- Hash price ($/PH/day) = (daily block rewards + fees) × BTC price / network hashrate in PH
- Breakeven cost = estimated average ASIC efficiency (30 J/TH) × electricity cost ($0.055/kWh) × 24h × 1,000,000 TH per PH
- Breakeven threshold: ~$40/PH/day
Data sources: mempool.space for hashrate, difficulty, and fees. CoinGecko for BTC price.
Score History — Last 14 Days
| Date | Score | Hash Price | Status |
|---|---|---|---|
| 2026-06-11 | 0.813 | $32/PH | Stress Zone |
| 2026-06-10 | 0.827 | $33/PH | Stress Zone |
TCB Miner Stress Score is a proprietary metric computed daily by The Central Bulletin. Source data: mempool.space, CoinGecko. Methodology assumes average fleet efficiency of 30 J/TH and $0.055/kWh electricity cost.