Insights
Puell Multiple
Shows how Bitcoin miners' daily revenue compares with its average over the past year.
Here's the trend so far. The yellow dashed line is the Bitcoin price.
How to read this chart
A gauge of where we are in the cycle, read through miner profitability. Below 0.5 is the bottom zone, above 2 the top zone.
New to this metric?
What is the Puell Multiple? A measure of whether miners are earning more or less than usual. Historically, below 0.5 lined up with bottoms and above 2 with overheated tops more often than not.
What is a miner?
People who verify transactions on the Bitcoin network with computers and receive newly issued bitcoin in return. As the first group to receive each day's new coins, their profitability tends to move in step with the market's big cycles.
Why is it used to spot bottoms and tops?
When mining revenue is far below average (under 0.5), miners who can't hold on leave and selling dries up, so it has historically coincided with bottoms. Conversely, stretches where revenue exceeds twice the average have often appeared at overheated tops.
How do I use it?
It's less a daily indicator than a way to gauge position within multi-year cycles. Look at where the value sits between 0.5 and 2 to get a feel for whether the market is early or late in its cycle.