Puell Multiple
Bitcoin
The Puell Multiple divides daily miner issuance revenue by its 365-day average, gauging miner profitability.
Why it matters
It identifies cycle extremes from the perspective of miner income.
How it is built
Daily USD issuance value is divided by its 365-day moving average.
What to watch
Very low values mark miner stress near bottoms; very high values mark cycle-top euphoria.
Measured on this chain
Puell Multiple on Bitcoin last read 0.02187 on Sep 24, 2026, a change of -97.64% over 30 days, ranging from 0.02187 (Sep 24, 2026) to 1.56 (Jul 10, 2025).
- Latest reading
- 0.02187
- Sep 24, 2026
- Change
- 1d -97.72%
- 30d -97.64%
- 90d -96.88%
- 1y -98.18%
- Range
- Low 0.02187·Sep 24, 2026
- High 1.56·Jul 10, 2025
- Coverage
- Jul 17, 2024 — Sep 24, 2026
- 800 readings
| Date | Value |
|---|---|
| Sep 13, 2026 | 0.9907 |
| Sep 14, 2026 | 0.9811 |
| Sep 15, 2026 | 1.09 |
| Sep 16, 2026 | 0.8793 |
| Sep 17, 2026 | 0.9322 |
| Sep 18, 2026 | 0.9948 |
| Sep 19, 2026 | 0.8825 |
| Sep 20, 2026 | 1.07 |
| Sep 21, 2026 | 1.04 |
| Sep 22, 2026 | 1.04 |
| Sep 23, 2026 | 0.9605 |
| Sep 24, 2026 | 0.02187 |
Read from our own stored series, not quoted from a page.