BTC: Market Value / Observed Work — 720-Day Z-Score

Bitcoin Market Value / Observed Work — 720-Day Z-Score was -0.882 on 7 Nov 2026 (latest daily value).

How far Bitcoin's market value per unit of hash rate sits from its 720-day average, in standard deviations.

Why use it. It compares what Bitcoin is worth with the computing work securing it, against its own recent history. How to read it. Zero is the 720-day average; +2 means two standard deviations above it, unusually expensive against hash rate, and negative values mean cheap. Hash rate is an estimate from block times and difficulty, not a measured cost. It is not a forecast.

Calculation. Exact definition: How far Bitcoin's issued-supply market value per unit of estimated hash rate sits from its trailing 720-day mean, in standard deviations. Zero is the 720-day mean; positive and negative values are standard deviations above and below it. This is not fair value, a forecast or a trading instruction. Market value uses actual issued BTC, not free float; hash rate is a noisy estimate, not measured electricity, hardware or mining cost. Missing or invalid days invalidate affected windows, and zero dispersion is undefined. History needs 720 valid priced days. A labelled current-day partial through the latest completed UTC hour may appear and is always revisable. R = ckh.DailyIssuedSupplyMarketValueUSD / ckh.HashRateEstimate, where hash rate is the sum of block difficulty × 2^32 divided by UTC-day seconds, in EH/s. The result is (R - mean720(R)) / population std720(R) with divisor 720, over the day and 719 preceding days. UTC day D uses the D+1 00:00 admitted quote: daily closing quotes before 2026-10-03, prospective quotes within 15 minutes after. Guarded decimal moments and 40-significant-digit output. Native data from our own validated Bitcoin Core node.