BTC Miner Data Methodology

Unified definitions, source priority and time periods for the BTC miner quarterly metrics on this site.

How Nonce collects, normalizes and publishes Bitcoin mining company data.

Metric Definitions

BTC Production

Self-mined Bitcoin produced and attributable to the company during the quarter. Excludes BTC produced for customers, hosted customers, or JV partners.

BTC Treasury

Bitcoin owned by the company at quarter end. Includes BTC lent out but company-owned, and BTC pledged as collateral. Excludes BTC held on behalf of clients, pending distribution, or held by investees.

Hashrate

Preferred metric is average operational hashrate for the calendar quarter. Where unavailable, we use end-of-period, energized, installed or deployed hashrate as alternatives, clearly labeled. Unit: EH/s.

Electricity Price

Preferred metric is actual or nearest-to-actual operating electricity rate. Where not disclosed, we use unit power cost, average power cost, energy expense / consumption, PPA rate, hosting rate, target rate or forecast rate. Unit: USD / kWh.

Power Capacity

Energized power capacity supporting mining operations at quarter end. Where the standard disclosure is absent, we use developed, available, operational, hosted or facility capacity as alternatives. Contract, reserve, planned or pipeline capacity is not used as primary. Unit: MW.

Fleet Efficiency

Average efficiency of the company fleet or operational miners. Where not disclosed, we use operational, current or deployed fleet efficiency. Single-model specs and future target efficiency are not used as primary. Unit: J/TH.

Energy Cost per BTC

Net electricity or energy cost directly related to mining, per BTC self-mined. Where directly disclosed, we use the reported figure. Where not, we calculate as net mining electricity cost divided by self-mined BTC production.

Cash Cost per BTC

Direct cash cost per BTC mined, excluding miner depreciation. Where directly disclosed, we use the reported figure. Where not, we derive from verifiable mining cash costs, energy costs, hosting costs and other direct operating costs, stripping out depreciation, amortization, impairment, SBC, interest, taxes and non-mining costs.

Data Sources & Priority

We prioritize original disclosures from companies and regulators. All data is traced back to company announcements, regulatory filings, or official investor materials. Third-party data is used only as a supplementary lead, never as a primary source, unless all primary sources are absent and the data is explicitly marked as low-quality reference.

SEC / EDGAR or other regulatory filings

Includes 10-Q, 10-K, 20-F, 6-K, 8-K, Exhibit 99.1 / 99.2, etc.

Company IR press releases

Includes quarterly earnings, monthly production updates, operational updates, shareholder letters, etc.

Company website PDFs / PPTs / CDN files

Includes earnings presentations, investor presentations, annual reports, operating update decks, etc.

Wire service press releases

Includes GlobeNewswire, Business Wire, PR Newswire, Accesswire, Newsfile, etc. Typically republish company official announcements; useful when company website indices are missing.

Official transcripts

Earnings call transcripts and conference call records published on company websites or IR pages.

Third-party transcripts, data sites, news reports

Only as search leads or supplementary verification, never as primary data. Usable as low-quality reference only when all primary sources are absent, and must be clearly labeled on the page.

Reporting Period

All quarters use the calendar quarter convention: Q1 is Jan 1 - Mar 31, Q2 is Apr 1 - Jun 30, Q3 is Jul 1 - Sep 30, Q4 is Oct 1 - Dec 31.

Corrections

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