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Bitcoin Puell Multiple

Live Puell Multiple from the CoinMetrics Community API — updated daily, free, no login required. A direct read on whether daily miner revenue is historically high or low relative to the annual average.

0.8819Fair Value

Miner revenue is near its historical average. A neutral, balanced phase with no extreme issuance signal in either direction.

Today's Miner Revenue
$32,977,037
365-Day MA
$37,391,349

Updated daily · CoinMetrics Community API · Mon, 24 Aug 2026 02:44:03 UTC

Puell MultipleFair Value
0.88
Daily revenue vs 365d average
Daily Miner Revenue
$32,977,037
New issuance × price, today
365-Day MA
$37,391,349
The annual revenue benchmark
All-Time High
10.49
Peak issuance heat · 2013-04-09
All-Time Low
0.29
Deepest miner capitulation · 2011-11-21
History Depth
15.1Y
Daily values since 2011-07-17
Puell Multiple — last 1Y
1Y LOW 0.51365 daily values1Y HIGH 1.40

What is the Puell Multiple?

The Puell Multiple measures daily Bitcoin miner issuance revenue (new BTC issued × price) relative to its 365-day moving average. It is computed as daily_miner_revenue_USD / MA365(daily_miner_revenue_USD).

A value below 0.5 signals that miners are earning far less than usual — historically associated with capitulation phases and macro buying opportunities. A value above 2.0 has historically coincided with late-cycle conditions when miner revenue is extremely elevated relative to the annual norm.

Miner issuance data from CoinMetrics Community API (IssContNtv × PriceUSD). Informational only — not financial advice. Past on-chain patterns do not guarantee future price outcomes.

Zone reference

RangeZoneSignal
< 0.5Miner Capitulation
0.5 – 0.8Low Issuance
0.8 – 1.2Fair Value
1.2 – 2.0High Issuance
> 2.0Extreme Bubble

Frequently asked questions

What is the Bitcoin Puell Multiple?
The Puell Multiple measures daily Bitcoin miner issuance revenue (new BTC issued × price) relative to its 365-day moving average. It is computed as daily_miner_revenue_USD divided by the 365-day moving average of daily_miner_revenue_USD.
What does a high or low Puell Multiple mean?
A value below 0.5 signals that miners are earning far less than usual — historically associated with capitulation phases and macro buying opportunities. A value above 2.0 has historically coincided with late-cycle conditions when miner revenue is extremely elevated relative to the annual norm.
What are the Puell Multiple zones (Miner Capitulation, Low Issuance, Fair Value, High Issuance, Extreme Bubble)?
These are the five zone thresholds this page labels the current reading against: Miner Capitulation is below 0.5, Low Issuance is 0.5–0.8, Fair Value is 0.8–1.2, High Issuance is 1.2–2.0, and Extreme Bubble is above 2.0 — a quick read on where today’s miner revenue sits relative to its own annual average.
Is the Puell Multiple a reliable trading signal on its own?
The Puell Multiple is on-chain miner-issuance data and market information, not financial advice — past on-chain patterns do not guarantee future price outcomes. It is best read as one contextual data point (alongside today’s miner revenue and its 365-day average shown on this page) rather than a standalone basis for decisions.

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Data sourced from the CoinMetrics Community API (free, public). Figures are informational only and do not constitute financial advice. Liquid State · crypto market intelligence.