Puell Multiple

Daily miner revenue vs its 365-day average, against price — a miner-driven cycle signal.

Data to 2026-09-11. On-chain metrics are fetched on a rotation, so this can trail the build by a few days.

How to read it

The Puell Multiple looks at Bitcoin through miners' revenue. Miners are forced sellers — they have electricity bills — so their income relative to normal says something about supply pressure. Low readings mean miner revenue is depressed and marginal miners are capitulating, which has historically coincided with market bottoms. High readings mean mining is unusually profitable.

How it's calculated

Daily coin issuance valued in dollars, divided by the 365-day moving average of that same figure.

What it did in past cycles

Cycle-top readings: 7.25 (2013-12-04), 6.62 (2017-12-16), 1.64 (2021-11-08), 1.16 (2025-10-06). The compression is severe, and the mechanism is straightforward — the block subsidy has halved three times over that span, so a smaller and smaller share of miner revenue is newly issued coin.

Bottoms: 0.40 (2015-01-14), 0.30 (2018-12-15), 0.53 (2022-11-09), 0.67 (2026-06-30). Sub-0.5 readings have been rare and have clustered in the worst of the bear markets, when miner revenue ran at half its annual average and older hardware went offline.

What it doesn't tell you

Halvings cut issuance in half overnight, which mechanically halves the numerator and drags the multiple down for a year regardless of market conditions. Modern miners also hedge, borrow against holdings and pre-sell production, so revenue no longer translates directly into selling pressure.

That halving artefact is not a footnote — it is large enough to produce a low reading in the middle of a bull market, and it recurs every four years by construction. Check where you are in the issuance schedule before reading a depressed Puell as miner distress.

The metric also counts only newly issued coin, not transaction fees. As the subsidy halves toward nothing, fees become a larger share of what miners actually earn, and a measure built on issuance alone describes a shrinking fraction of the revenue it is meant to represent. Hashprice counts both.

Reading it with other metrics

Hashprice is the more direct measure of the same pressure — revenue per unit of work, with none of the Puell Multiple's halving artefact, because it does not normalise against a trailing year that straddles the halving.

The valuation metrics — MVRV, AVIV Z-Score — are worth reading beside it precisely because they share no inputs with it. Miner revenue and holder cost basis are genuinely different things, so agreement between them means something.