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Bitcoin Puell Multiple

Daily miner revenue vs its one-year average.

By Axel Adler Jr. · Updated

Bitcoin Puell Multiple today

As of , miner issuance revenue was 0.94 times its trailing one-year average. A week ago it was 0.99. This compares revenue, not operating profit.

Normal
LowHigh
Current
0.94Normal
7-day change
−0.05Change in daily readings
30-day average
1.08
1-year average
0.82
1-year low
0.53Jun 3, 2026
1-year high
1.33Oct 5, 2026

Bitcoin Puell Multiple chart

Daily values (UTC) · BTC price: left axis, log scale · ratio: right axis

Zones

What each zone means

ZoneReading
Lowbelow 0.50
Normal0.50 to 1.50
Highabove 1.50

Reference ranges describe this measure and are not trading instructions.

Readings

Last eight weeks

DateValueState
0.94Normal
0.99Normal
0.94Normal
1.11Normal
1.01Normal
1.00Normal
1.02Normal
0.94Normal
Guide

How this measure works

What it measures

The Puell Multiple compares daily miner issuance revenue with its trailing one-year average. It is a miner-revenue multiple, not miner profit: operating costs and the fee component are not represented by this ratio.

Formula

Puell Multiple = daily miner issuance revenue in USD ÷ its 365-day average

How to read it

Above 1, miners earn more from new coins than their one-year average; below 1, less. Low readings mean miner income from new coins is under pressure. Over the last year the low was 0.53 on Jun 3, 2026 and the high was 1.33 on Oct 5, 2026.

Long ranges (5Y, 10Y and All) show a 7-day average to reduce daily noise. YTD and 1Y, the cards and the summary above use daily values. The tooltip shows both.

To keep everyday moves readable, the chart axis leaves out the most extreme 2% of readings in the selected range. Those days are marked with triangles at the chart edge, and the tooltip shows their value.

Limitations

It counts only new coins, not transaction fees or mining costs. A halving cuts issuance in half, which lowers the multiple until the 365-day average catches up. Read it together with other charts.

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FAQ

Bitcoin Puell Multiple, explained

What is Bitcoin Puell Multiple?

The Puell Multiple compares daily miner issuance revenue with its trailing one-year average. It is a miner-revenue multiple, not miner profit: operating costs and the fee component are not represented by this ratio.

What is the latest Bitcoin Puell Multiple reading?

On Nov 5, 2026, the daily reading is 0.94. A week earlier it was 0.99.

How is the Bitcoin Puell Multiple chart calculated?

Puell Multiple = daily miner issuance revenue in USD ÷ its 365-day average. The BTC price on the chart is the daily close of the same day.

How often is the Bitcoin Puell Multiple chart updated?

Once a day, after the UTC day closes. The date of the latest value is shown at the top of the page.

What history does the Bitcoin Puell Multiple chart cover?

The chart covers Aug 16, 2010 to Nov 5, 2026. Gaps are not filled with estimates.

Is Bitcoin Puell Multiple a buy signal?

No. Compare the reading with holder profitability, flows and leverage. A single measure does not determine the next price move.

Read this with

Mining guide
MVRV RatioMarket value vs realized value: how far price sits above the average cost basis.Realized PriceThe average price at which every coin last moved, the market-wide cost basis.NUPLNet unrealized profit or loss held across all coins, as a share of market cap.Exchange NetflowBTC moving onto exchanges minus BTC leaving them, daily.
Every Monday

One chart is one reading. The weekly report puts them side by side.

Holders, valuation, leverage and flows in one place, with the dates behind each change.

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