Puell Multiple

How to read the Puell Multiple

The Puell Multiple was created by David Puell. It is calculated as:

Puell Multiple = Daily miner issuance (USD) ÷ 365-day MA of daily miner issuance (USD)

Miners are forced sellers — they must sell Bitcoin to cover electricity and operating costs. When the Puell Multiple is very low, miners are earning less than usual and face maximum financial pressure. Historically this coincides with market bottoms, as miner capitulation exhausts selling pressure. When the multiple is very high, miners are earning exceptional profits — a sign of late-cycle euphoria.

• Below 0.5 — Strong Buy — Miner revenue is less than half its yearly average. Miners are under maximum financial pressure — historically one of the most reliable long-term buy signals in Bitcoin.
• 0.5 – 2.0 — DCA Zone — Miner revenue is within its normal historical range. No extreme signal — a steady dollar-cost averaging strategy is appropriate.
• 2.0 – 4.0 — Caution — Miners are earning significantly more than average. This level has historically appeared in the late stages of bull markets. Consider slowing new purchases.
• Above 4.0 — Overheated — Miner revenue is at extreme highs relative to its yearly average. Every previous visit to this zone preceded a major market correction. Consider taking profits.

The dashed lines mark the 0.5, 2.0, and 4.0 thresholds. The Puell Multiple is particularly powerful when combined with other on-chain signals — pair it with the Pi Cycle and 200-Week MA for a fuller picture of the current cycle phase.

Note: miner revenue is estimated using the known halving schedule (~144 blocks per day at the current block reward). The actual number of blocks mined per day varies slightly.