$BTC: I think this is one of the most important charts in Bitcoin. Miners have received ~$102B since genesis. Bitcoin is worth ~$1.61T. But the real discovery is not the 15.7× multiple. It is that the multiple itself rises with scale. Market Cap ∝ Cumulative Miner Revenue^1.122 Because 1.122 > 1, Bitcoin’s monetary value has historically grown faster than the cumulative dollars paid to miners. A 10× increase in cumulative miner revenue has corresponded to roughly 13.2× more market value. That means Bitcoin has historically become more valuable per cumulative dollar required to sustain the network as it gets larger. That is convex monetization. And if it persists, the implication is profound: Bitcoin’s monetary premium does not merely survive scale. It expands with scale.