Demand-mining ratio
How many times current daily bitcoin demand exceeds the new supply minted by miners each day. A ratio of 6× means buyers are absorbing six bitcoin for every one freshly mined. Because mining issuance is fixed and halves every four years, a demand-mining ratio above 1 is the structural scarcity pressure behind the float shrinking over time.
The ratio jumps discontinuously at each halving: if demand holds steady, a 6× ratio becomes 12× the day issuance is cut in half. This is the supply-side argument the /float page visualizes.
How to read it
Divide daily coins absorbed by daily coins minted. At 1× the market simply digests new issuance. At 6× buyers need five additional coins from existing holders for every minted one, which is how the float drains. Watch the jumps: the ratio doubles overnight at each halving even when demand goes nowhere.
On Galaxy Mind
This ratio is the engine of the /float story: the visible difference between the tap dripping every few minutes and the drain pulling every half minute IS the ratio, rendered as plumbing. The halving runway bars project it through the next three halvings.
Context
As of mid-2026 demand around 2,700 BTC per day stands against about 450 BTC mined, roughly 6×. ETFs alone have frequently absorbed multiples of daily issuance. A ratio persistently above 1 means the marginal coin must come from someone changing their mind about holding, and the price is the instrument that changes minds.