INTERNET COMPUTER
Cycles / s 
Cycles / s

This is the rate at which cycles are being burned by the network.

Cycles are the digital fuel that powers computation on the network, and they disappear when consumed. When a user buys using a credit card, the payment provider purchases ICP tokens behind the scenes, converts them into cycles, and then charges up the user's hosted software or cloud engines.

1 trillion cycles is worth 1 XDR (known as a Special Drawing Right/SDR), a currency defined by the IMF. 1 XDR is worth about $1.44 USD.

Network market cap 
Network market cap

The network market cap is the number of ICP tokens multiplied by their price. Network users convert ICP tokens into cycles that are burned and disappear (deflation), and they are generated by the network to remunerate node providers operating nodes, and by some participants in network governance (inflation).

ICP tokens exist within network protocol, and enable it to create a network economy without central points of failure.

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§ Wiki · Topic6 entries

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  • May 4, 2026·2 min

    Thirty-Day Moving Average ICP/XDR Conversion

    How the Cycles Minting Canister computes the 30-day moving average ICP/XDR exchange rate that converts XDR-denominated node provider rewards into ICP at minting time.

  • May 4, 2026·2 min

    Reward Configuration Guide

    How a node provider submits the reward configuration proposal that registers their nodes with the Network Nervous System and starts the reward stream.

  • May 4, 2026·4 min

    Performance-based Rewards

    How the Performance-based Rewards (PBR) v1 schedule scales monthly node rewards according to block-maker failure rates relative to subnet baseline.

  • May 4, 2026·9 min

    Node Provider Remuneration

    How node providers are paid — the minting cadence, the XDR conversion, and the reward tables for each hardware generation and geography.

  • May 4, 2026·2 min

    Moving a Node Between Data Centers

    The six-step sequence for relocating a node machine to a new data center while keeping operator allowances and reward configurations consistent.

  • May 4, 2026·4 min

    Gen-1 Node Onboarding After 48 Months

    How Gen-1 node providers continue earning rewards beyond their initial 48-month window, including reward reconfiguration, optional HSM removal, and excess machine handover.

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