What it shows
The Puell Multiple measures miner revenue. It divides the daily issuance value of Bitcoin, in USD, by the 365-day moving average of that value. Issuance value is the number of new coins mined per day multiplied by the price. A value of 1.0 means today’s revenue equals its yearly average. A value above 1.0 means revenue is higher than average. A value below 1.0 means it is lower. The metric shows how miner income compares with its own recent history. The page plots the multiple in one panel and the BTC price in the other.
- Puell multiple panel
- Shaded low/high bands
- BTC price panel
How to read it
Read the latest multiple and compare it with 1.0. Then look at the two ranges the app marks. A value below 0.5 means miner revenue is low against its yearly average. A value above 4.0 means it is high. Past cycle lows and highs came with such readings, and the app shades these areas on the chart. Past readings do not set the next one. Compare how the multiple behaved in earlier cycles. Then compare it with the BTC price panel below.
- Read the latest multiple and compare it with 1.0.
- Find the shaded low and high ranges on the chart.
- Compare past low readings with the BTC price panel.
What to keep in mind
The multiple depends on the price and on the block reward. The block reward halves on a fixed schedule. Each halving changes the base of the calculation. Fees are not part of issuance value. Miner costs differ by operator and are not shown here. The ranges mark past readings only. Treat them as labels, not as rules. Use the Puell Multiple as one view of miner income.
A missing value is not zero. Check the source and time under each data block before you compare numbers.
Questions
What is a good Puell Multiple?
No value is good or bad by itself. The Puell Multiple shows miner revenue against its yearly average. A value near 1.0 is average. Lower values mean revenue is below average. Higher values mean it is above average. The meaning depends on your view and time frame.
How is the Puell Multiple calculated?
Take the daily issuance value of Bitcoin in USD. This is newly mined coins times the price. Divide it by the 365-day moving average of the same daily value. The result is the Puell Multiple for that day.
What does a low Puell Multiple mean?
A low value means current miner revenue is small against the last year. Miners earn less per day than usual. The app marks readings below 0.5 as its low range. Past market lows have appeared in this range, but a low reading does not confirm a low.