OK, here's the long version of moisture measurement. It originates from a newsletter article I did a couple years ago...
http://www.gorstvalleyhops.com/uploads/September_newsletter.pdf
The basic equation for determining moisture content of anything (hops, hay, herbs, etc.) is:
M% = ((Ww x Wd)/ Ww) x 100
M% = moisture content(%)
Ww = wet weight of the sample
Wd = weight of the sample after drying
If you want to know the moisture content, take a small sample and weigh it to get Wet Weight (Ww). Then get the moisture out. Either bake it or put it in a microwave with some desiccant material to pull out the moisture. When you are sure it is completely dry, that is your Dry Weight (Wd). Now plug it in to see your starting moisture content.
I wouldn't use that sample in your beer, though. Especially if you used the microwave because most desiccants aren't food grade.
The problem for the homegrower is that you would need most of your crop to get an accurate enough reading of the moisture content. So it is somewhat pointless.
Instead, let's
assume the starting moisture content is 80%. (I have seen from 93% when picked in the rain down to 74% for some smaller cones. So 80% is pretty much the middle.).
Let's pretend we have a 1/2 of a pound of cascade that we picked out of the backyard. Since we are assuming that it starts at 80%, we can use the above formula to calculate the Dry Weight....0.1 pounds.
Now let's say we want to dry down to a final moisture content of 10%. (Commercially, we shoot for 8%, but 10% is fine since you aren't pelletizing.) with a moisture content of 10% and a Dry Weight of 0.1 pounds, the "Wet Weight", which in this case is the weight of the dried hops, would be 0.111 pounds.
Working that out, the ratio of beginning to end weight is 0.111/0.5 = .222 or another way to say it is that
the final weight of the hops is somewhere between 1/4 and 1/5 the starting weight.