[23 Years of Mavericks (hou) knot (hui) article - on-chain indicators that should be referenced (5)]

From 2015.10 to 2016.01, the green column was formed, and the 16-year calf peak was during this period;

From 2019.05 to 2019.09, the green column was formed, and the Mavericks topped in 2019 during this period;

A green column appeared from 2023.03 to 2023.08, and the Mavericks topped during this period in 2023.

The on-chain indicator in the figure is the ratio of #BTC miners’ daily mining income to mining costs, and then the ratio to its annual moving average (-1 for the convenience of displaying the calculation results).

When this indicator is >0, it indicates that the daily profitability of miners is better than the annual average level, which is marked by a green column; when this indicator is <span it indicates that the daily profitability of miners is worse than the annual average level, which is marked by a blue column.