Bitcoin Puell Multiple by Cycle: Peaks, Lows and the Halving Effect
How high the Puell Multiple went at each bitcoin top, when it last fell below 0.5 and how the 2024 halving changed its range.
By Axel Adler Jr., Bitcoin on-chain analyst · Data from Jan 2012 to Nov 2, 2026
In short
- The Puell Multiple compares miners' daily issuance revenue with its one-year average. Above 1, miners earn more than usual.
- Each cycle peak was lower: 10.22 in 2013, 6.76 in 2017, 3.44 in 2021, 2.43 in 2024.
- The last reading below 0.5 was on Dec 27, 2022. On Nov 2, 2026 it was 0.89.
How high did the Puell Multiple go at each top?
| Cycle | Peak | Date |
|---|---|---|
| 2013 | 10.22 | Apr 10, 2013 |
| 2017 | 6.76 | Dec 17, 2017 |
| 2021 | 3.44 | Mar 14, 2021 |
| 2024 | 2.43 | Mar 7, 2024 |
| 2025 | 1.55 | Jun 10, 2025 |
The 2025 price high in October came with the Puell Multiple near its average: miner revenue had already been cut by the 2024 halving.
When did it fall below 0.5?
Below 0.5, miners earn less than half their usual revenue, which forces the weakest to sell or shut down. From 2012 to Nov 2, 2026 this happened on 217 days, 4% of the time. The longest stretches were in 2015 (51 days), 2018 (33 days) and 2022 (73 days). The last day below 0.5 was Dec 27, 2022.
How does a halving change the Puell Multiple?
A halving cuts new coins per block in half overnight, so daily issuance revenue drops by half while the one-year average still includes the old rate. The multiple falls sharply and stays low for months. The last reading above 2 was on Apr 8, 2024, twelve days before the April 2024 halving.
Where has it been in 2025 and 2026?
In the 365 days to Nov 2, 2026, it ranged from 0.53 on Jun 3, 2026 to 1.33 on Oct 5, 2026. The 2026 low matched the 2024 low of 0.53, the closest to 0.5 since 2022, during the miner stress that also shows in the hash rate.
FAQ
What was the highest Puell Multiple ever?
10.22 on Apr 10, 2013. The highest since 2014 was 6.76 on Dec 17, 2017.
When was the Puell Multiple last below 0.5?
On Dec 27, 2022.
Where can I see it live?
On the live Bitcoin Puell Multiple chart, updated daily.
Related: Hash ribbons guide · Miner reserve guide · Mining charts