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Puell Multiple

The Puell Multiple is calculated by dividing the USD value of Bitcoin issued by miners on a given day — the daily coin issuance multiplied by price — by the 365-day moving average of that same daily issuance value. It reduces miner revenue to a single ratio describing how current earnings compare to the trailing yearly norm.

The metric is used to gauge where miner economics sit within a cycle. Low readings mean daily miner revenue is well below its one-year average, conditions historically associated with reduced miner profitability and, at the lowest readings, miner capitulation. High readings mean current miner revenue is running well above the trailing average, conditions that have historically appeared during periods of elevated price appreciation and, at the highest readings, late-cycle conditions.

Because issuance itself changes at the halving — miner revenue from new coins is cut in half roughly every four years — the Puell Multiple is read relative to its own history rather than as a fixed absolute range, and it describes the state of miner revenue rather than predicting future price behavior.