Bitcoin Puell Multiple
What miners earn from new coins each day against their one-year average: a gauge of miner stress and cycle extremes.
Puell Multiple today
Compiled by SBZ from daily Bitcoin prices and the mining schedule. Updated hourly.
Value of new coins mined each day against its one-year average (log scale). Below 0.5 (green) has marked cycle lows; above 4 (red), cycle highs.
What is the Puell Multiple?
The Puell Multiple divides the dollar value of the bitcoin mined each day by its 365-day average. Created by David Puell, it shows whether miners are earning unusually much or unusually little compared with the past year. Miners are steady sellers, since they pay for power and equipment, so their income affects how much bitcoin reaches the market.
How to read it
Below 0.5 (green), miner income is far below normal: weaker miners shut down or sell reserves, which has marked cycle lows. In this data, readings fell below 0.5 in late 2018, briefly after the May 2020 halving, and in mid-2022. Above 4 (red), miners earn far more than usual, which has marked cycle highs: it reached about 5.5 in December 2017. Peaks have become lower since, at about 3.2 in February 2021 and 2.1 in March 2024.
Limits
Each halving cuts new issuance in half overnight, which pushes the multiple down for a year until the average catches up. Fees are a growing part of miner income and are not included. Use it alongside hashprice and hash ribbons, which also track miner health.
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Frequently asked questions
What is a good Puell Multiple to buy Bitcoin?
Historically, readings below 0.5 have come near cycle lows, and readings above 4 near cycle highs. These are historical observations, not guarantees.
How is the Puell Multiple calculated?
The dollar value of the bitcoin issued each day, divided by its 365-day moving average.
Why does the halving affect it?
A halving cuts the coins mined each day in half, so daily issuance drops while the one-year average still includes the old reward.
What is the Puell Multiple today?
The live value is shown at the top of this page, with its history since 2017.
For information only, not investment advice. Figures are updated automatically and can differ slightly between data providers.