The Proof of Work field: every PoW asset above $1B in market value, plus BSV as the cautionary tale. Hashrates across different algorithms cannot be compared raw, so we compare what can be: dollars spent per day securing each ledger. Live and reproducible.
Raw difficulty is only comparable inside the same proof-of-work family: BCH and BSV sit on Bitcoin's own SHA-256 axis and compare directly. Chains on other algorithms appear via economic normalization only, marked †; BTX per the btxprice model: W × BTX MatMul rate ÷ BTC hash rate. The true cross-algorithm comparison is dollars of security spend, in the tables above and below.
| Asset | % of BTC difficulty |
|---|---|
| BTC | 100% |
| BCH | 0.9% |
| BTX | 0.603%† |
| BSV | 0.1% |
| LTC | —† |
| XMR | —† |
| ZEC | —† |
| ETC | —† |
BTX price and market cap use the live model price from the open btxprice.com valuation model, anchoring BTX MatMul work to Bitcoin's market value per unit of network security. The last column separates BTX from the field: whose security is funded by newly minted coins alone, and whose adds a second, external revenue stream. That last column is the proof: every peer funds defense only by issuing new supply; BTX adds EVX transaction fees on top, a paid revenue source no other chain in this table has.
| Asset | Market cap | Price | Security $/day | % BTC difficulty | What funds its security |
|---|---|---|---|---|---|
| BTC | $1.61T | $81,240 | $28.8M | 100% | Selling newly minted coins |
| BTX | $2.57B | $829 | $— | 0.603%† | Selling newly minted coins + EVX transaction fees |
| ZEC | $1.1B | $68 | $911,484 | —† | Selling newly minted coins |
| LTC | $6.8B | $89 | $160,560 | —† | Selling newly minted coins |
| XMR | $3.4B | $186 | $137,959 | —† | Selling newly minted coins |
| BCH | $8.2B | $412 | $112,392 | 0.9% | Selling newly minted coins |
| ETC | $3.9B | $26 | $96,230 | —† | Selling newly minted coins |
| BSV | $0.9B | $46 | $6,152 | 0.1% | Selling newly minted coins |
Security spend = daily block subsidy × live price (BTC 450/day, BCH 450/day, BSV 450/day, LTC 3,600/day, XMR 432/day tail, ZEC 1,800/day, ETC ≈13,611/day) and card-equivalents × $— per GPU-hour × 24 for BTX. Sources: this node, CoinGecko, btxprice.com, Blockchair. Fee revenue excluded for all chains, which is conservative against BTX's case.
What miners collectively spend daily protecting the chain, at $— per GPU-hour. Recorded every 15 minutes.
What BTX is worth if the market values its network defense like BTC, XMR, ETC, ZEC, BCH, LTC, or BSV. Market cap divided by annual security budget is the market's security multiple: how much value it carries per dollar of defense. This applies each chain's live multiple to BTX's live security budget. Not a price prediction; a market structure map.
| Benchmark chain | Market cap | Annual security budget | Security multiple | BTX implied market cap | BTX implied $/BTX | × model price |
|---|---|---|---|---|---|---|
| BTC | $1.61T | $10.5B | 153× | $9.7B | $462 | 0.56× |
| XMR | $3.4B | $50M | 68× | $4.3B | $205 | 0.25× |
| BCH | $8.2B | $41M | 200× | $12.7B | $605 | 0.73× |
| ZEC | $1.1B | $333M | 3.3× | $209M | $10 | 0.01× |
| LTC | $6.8B | $59M | 115× | $7.3B | $348 | 0.42× |
| ETC | $3.9B | $35M | 111× | $7.1B | $338 | 0.41× |
| BTX (live) | $2.57B | $63.5M | 40× | $2.57B | $829 | 1.00× |
Peer chains use their revenue security budget: daily subsidy × live price × 365, what the protocol pays its miners. BTX uses its replacement-cost security budget: the open-market GPU cost to match the live network × 365. BTX uses replacement cost because liquid exchange revenue is still developing; peers use revenue because their prices are already deep. Fees excluded on all chains for first-pass comparability.
security multiple = market cap ÷ annual security budget. implied BTX mcap = BTX annual security budget × peer multiple. implied $/BTX = implied mcap ÷ full supply.
What BTX would be worth if the market valued its security budget at Bitcoin's security multiple, recorded every 15 minutes.
NVT is the crypto version of a stock's price-to-earnings ratio: market cap divided by the value moving across the chain each day. A high NVT means the market is paying a lot per dollar of real usage; a low NVT means you are getting more usage per dollar of valuation. The table shows each chain's NVT, then what BTX would be worth if the market priced BTX's usage at that same rate. Peers use exchange-reported 24h volume; BTX uses on-chain transfer volume from our node.
| Chain | Market cap | 24h volume | NVT ratio | BTX implied $/BTX at that NVT | × model price |
|---|---|---|---|---|---|
| BTC | $1.61T | $28.4B | 57 | $1,412 | 1.70× |
| LTC | $6.8B | $412M | 17 | $421 | 0.51× |
| BCH | $8.2B | $298M | 28 | $693 | 0.84× |
| XMR | $3.4B | $88M | 39 | $966 | 1.17× |
| ETC | $3.9B | $104M | 38 | $941 | 1.14× |
| BTX (live) | $2.57B | $41M | 63 | $829 | 1.00× |
NVT = market cap ÷ 24h USD volume. Implied BTX price = peer NVT × BTX 24h on-chain USD volume ÷ full supply. Lower NVT = more usage per dollar of valuation.
The number that matters to the people producing the supply. On a growing network, the coin you sell today costs more to mine back next week. TMC prices that reality: sell below it and you are losing BTX-denominated ground even when the spreadsheet says profit. Nobody else publishes this.
Break-even = the production cost, what it costs the whole network to make one sellable BTX. Raw cost is cards = network nps ÷ —; costraw = cards × $— × 24 ÷ 19,200. But not every coin the network mines can be sold: a — orphan rate means — of found blocks are outraced and pay nothing, and — uptime means machines are down the rest of the time still costing money. The real cost divides raw cost by what actually converts to revenue: cost = costraw ÷ (—). Every input is published in signals.json. The halving at block 525,000 doubles it overnight.
TMC = cost × max(2, 1 + weekly growth), the true cost of a coin you must replace one week out. Hold-50 = 2 × TMC. General rule: price needed = cost ÷ share you keep. Your personal TMC lives on the mining desk.
Network cost to mine one sellable BTX, after live orphan loss and uptime. Inputs come from signals.json. The treadmill rising over time.
Two questions every buyer should ask and no one else answers.
True float: of all the BTX that exists, how much could actually be bought? Coins parked in provable vault structures are not for sale at any nearby price, so we subtract them; what remains is the real shelf. A small shelf means small money moves price violently, in both directions.
Days to absorb: how many days of fresh mining does it take to equal that entire shelf? A small number means new supply floods the market fast and sellers set the price; a large number means the shelf is scarce relative to new supply and buyers must compete for it.
True float v1 = visible supply − identical-balance vault clusters (single entities holding split, unmoved positions); conservative on purpose, it removes only what the chain itself proves is parked. Days-to-absorb = true float ÷ daily emission.
The institutional security question, answered in rent. What it would cost to point a network-sized fleet at BTX, priced at open-market GPU rates.
card-equivalents = network nps ÷ —. attack cost = cards × $— × hours. Ignores the attacker's hardest problem: actually sourcing that many GPUs at once.
Card-equivalents of MatMul compute defending the ledger, over time. More cards, more expensive to attack.
BTC is the benchmark BTX is built to surpass. Numbers, side by side.
| BTC | BTX | |
|---|---|---|
| Block time | 10 minutes | 90 seconds |
| Blocks per day | 144 | 960 |
| Max supply | 21,000,000 | 21,000,000 |
| Halving interval | 210,000 blocks ≈ 4 years | 525,000 blocks ≈ 1.5 years |
| Signatures | ECDSA, quantum-breakable | ML-DSA + SLH-DSA, post-quantum from genesis |
| Mining hardware | Single-purpose SHA-256 ASICs | Open-market GPUs, productive outside mining |
| Security after subsidy | Transaction fees, historically insufficient | Entire EVX fee market, paid in BTX to miner-validators |
| Finality for economy on top | ≈ 60 minutes convention | 1–2 second target on EVX (in development) |
| Chain age | 17 years | 112 days |
The components a price is made of, computed live from public data, with every formula printed next to its number. Check any of it yourself against the open JSON.