> For the complete documentation index, see [llms.txt](https://userguide.cryptoquant.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://userguide.cryptoquant.com/zh/flow-indicators/kuang-gong-chi-cang-zhi-shu.md).

# 矿工持仓指数

矿工持仓指数（MPI）是指所有矿工流出的比特币金额（以美元计算）与该金额365天移动平均数的比值。

## Definition

Miners' Position Index (MPI) is defined as the ratio of the number of all miners' outflows in USD divided by 365 days moving average of it. This indicator is inspired by Puell Multiple.

$$
\text{Capitulation Index} = \frac{\text{Total Miner Outflows in USD}}{\text{Total Miner Outflows in USD (365 days moving average)}} \\\
\text{MPI} = \text{Capitulation Index (365 days moving z-score)}
$$

## Interpretation

MPI explains the relative miner's liquidation behavior compared to the historical average, assuming that most of the outflows from miners are heading to exchanges for selling. Also assuming that miners are good at selling their positions at the right time as professional traders, MPI is a good indicator for **timing exit points (selling)** by duplicating their behaviors. This also helps to view miners' profitability along with **Puell Multiple**.

{% content-ref url="/pages/-MCB-rM7tBquTrndAKrQ" %}
[普尔倍数](/zh/network-indicators/pu-er-bei-shu.md)
{% endcontent-ref %}

## Use Case

### Spotting Exit Points for Selling

Given the interpretation that MPI helps us to spot selling points, we can benefit from the events where the large MPI values occur. In this use case, we utilize one of the well-known technical indicators called [Bollinger-band](https://en.wikipedia.org/wiki/Bollinger_Bands) to detect abnormal MPI values. The below chart illustrates detected spots to exit from the market, selling.

![](https://2200722702-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MBHQ44vVRUAbLIaMwGN%2F-MCq02Knfkg78gNzBJFX%2F-MCvXIaXsyQ9Y_KXE5Gd%2Fimage.png?alt=media\&token=483ab1dd-5525-4167-af41-e109d617a4c3)

## Link to Our Data

* [Miners' Position Index in CryptoQuant Live Chart](https://cryptoquant.com/overview/full/199?window=day)
* [Miners' Position Index in CryptoQuant Data API docs](https://cryptoquant.com/docs/#operation/getMPI)


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