CMBI Bitcoin Observed Work

CMBI Bitcoin Observed Work CMBIWORK

The CMBI Bitcoin Observed Work (CMBIWORK) is designed to be a reactive, responsive and manipulation resistant measure of the amount of mining activity being conducted on the Bitcoin Network thoughout a 24 hour period.

Return

88,609.72 as of most recent NY market close
24hr return +6.59%
year to date +8.07%

Performance

Time Returns Range
1D +6.59% 83,129.31 - 88,609.72
7D +10.47% 78,958.95 - 88,609.72
1M +7.18% 75,947.54 - 91,002.27
3M -7.36% 72,398.13 - 96,288.19
1Y +15.19% 58,563.48 - 103,792.14
2Y +56.75% 43,600.01 - 103,792.14
MTD +16.67% 75,947.54 - 91,002.27
QTD +16.71% 72,398.13 - 91,002.27
YTD +8.07% 61,723.50 - 96,288.19
Q1:26 -7.40% 61,723.50 - 96,288.19
Q4:25 -8.79% 78,647.33 - 103,792.14
Q3:25 +15.87% 67,106.09 - 101,240.53
Q2:25 +16.83% 58,563.48 - 84,469.44

Volatility

3 MONTHS98.79%
6 MONTHS101.98%
1 YEAR102.09%
2 YEARS97.66%

Sharpe

1 YEAR0.613
2 YEARS0.674
5 YEARS0.844

Sortino

1 YEAR0.880
2 YEARS0.991
5 YEARS1.259

ABOUT THE BENCHMARK

The Coin Metrics Bletchley Index (CMBI) Mining Series are institutionally designed cryptoasset benchmarks that accurately and reliably represent the performance of the total Bitcoin network’s mining activity.

The CMBI Bitcoin Observed Work (CMBIWORK) is an aggregate representation of the previous 24hrs of CMBI Bitcoin Hash Rate Index data, used to reflect the implied number of hashes conducted over the previous 24hr period.

Index levels are calculated from the most recent block data received by Coin Metrics owned and operated Bitcoin nodes.

Key Information

Name CMBI Bitcoin Observed Work
Base date 2015-01-02
Base value 27.86
Constituents Bitcoin
Base unit Zettahashes per day
Administrator Coin Metrics

Quick Links

Methodology
Most Recent Factsheet

Historical Data

Date Open High Low Close
May 25, 2026 83,129.31 88,609.62 83,129.31 88,609.62
May 24, 2026 88,313.82 88,313.82 82,834.27 83,128.81
May 23, 2026 84,670.48 88,943.78 84,670.48 88,314.43
May 22, 2026 78,958.95 84,669.26 78,958.95 84,669.26
May 21, 2026 84,282.24 84,282.24 78,944.84 78,958.74
May 20, 2026 84,296.29 85,339.86 84,283.25 84,283.25
May 19, 2026 80,212.30 84,295.27 80,076.83 84,295.27
May 18, 2026 83,100.95 83,100.95 80,212.66 80,212.66
May 17, 2026 84,099.80 84,332.76 83,101.71 83,101.71
May 16, 2026 83,811.23 84,156.59 83,432.96 84,098.99
May 15, 2026 82,897.86 84,589.47 82,897.86 83,811.53
May 14, 2026 79,266.02 82,897.66 79,266.02 82,897.66
May 13, 2026 78,841.97 79,264.84 76,752.95 79,264.84
May 12, 2026 85,875.43 85,875.43 78,843.20 78,843.20
May 11, 2026 91,002.27 91,176.81 85,877.01 85,877.01
May 10, 2026 88,389.14 91,002.07 88,389.14 91,002.07
May 9, 2026 82,947.14 88,388.44 82,947.14 88,388.44
May 8, 2026 81,034.65 82,946.40 81,034.65 82,946.40
May 7, 2026 81,386.25 81,386.25 80,227.97 81,034.20
May 6, 2026 82,914.60 82,914.60 81,386.79 81,386.79
May 5, 2026 85,026.13 85,306.07 82,915.09 82,915.09
May 4, 2026 82,035.62 85,025.64 82,035.62 85,025.64
May 3, 2026 81,613.78 82,035.27 81,153.43 82,035.27
May 2, 2026 81,377.82 81,672.31 80,861.59 81,614.03
May 1, 2026 78,506.75 81,575.34 78,506.75 81,377.65