Glossary

Puell Multiple

The Puell Multiple is the daily value of newly issued bitcoin in US dollars divided by the 365-day moving average of that value.

The Puell Multiple compares the revenue that miners earn from new bitcoin today with the average of the last 365 days. The numerator is the daily issuance of new bitcoin multiplied by the price. The denominator is the 365-day moving average of that same value.

A value of 1 means that today’s issuance value equals the yearly average. A value above 1 means miner revenue is higher than average. A value below 1 means it is lower. Fees are not part of the formula. The number of new coins falls at each halving, which changes the base of the calculation.

The measure looks at the pressure on miners, who must sell coins to pay costs. It does not use miner costs directly, and costs differ among miners. Analysts compare the current value with past ranges. Past ranges describe history. They do not set a limit for the future.