ON-CHAIN METRIC
Puell Multiple
Is the dollar value of Bitcoin issuance high or low relative to its trailing-year norm?
Open the Mining & Network dashboard
The Puell Multiple compares the daily US-dollar value of newly issued Bitcoin with its 365-day moving average. It is a revenue-cycle measure for miners, not a complete profit-margin calculation.
Mining is worth isolating because operators face ongoing power, hosting, staffing and financing costs. Those costs create a recurring incentive to sell some production, but miners are not literally Bitcoin’s only forced sellers.
How the Puell Multiple is calculated
Formula. Daily Coin Issuance in USD ÷ 365-Day Moving Average of Daily Coin Issuance in USD.
The numerator normally covers block-subsidy issuance valued in dollars. Transaction fees and individual miner costs are not part of the standard formula.
What high and low readings show
A low reading means issuance revenue is weak relative to its trailing-year norm. Some operators may be under pressure, but profitability also depends on energy prices, machine efficiency, debt and each miner’s share of hashrate.
A high reading means issuance revenue is strong relative to the same benchmark. It can coincide with strong advances and higher incentives to expand or realise treasury holdings, but it is not automatically bearish.
What a halving does
A halving cuts the block subsidy in BTC by 50%. With price held constant, the daily issuance-value numerator drops by half immediately while the 365-day average adjusts gradually.
Actual dollar revenue also depends on price and fees, so the observed move need not be exactly 50%. The mechanical break should not be read as a fresh market signal.
How to read it
Historically high. Issuance revenue is far above its trailing-year norm.
Above one. Daily issuance value exceeds its 365-day average.
Near one. Daily issuance value is close to its yearly norm.
Below one. Issuance revenue is below its trailing-year average.
Historically low. Deep revenue compression; check miner costs, hashprice and halving effects.
The Puell Multiple updates daily inside the Mining & Network dashboard, alongside hashprice, production-cost estimates and miner-stress views.
Common questions
Does the Puell Multiple measure miner profit?
No. It measures issuance revenue relative to its yearly norm. It does not subtract energy, hardware, hosting or financing costs.
Are miners forced to sell?
They have recurring fiat-denominated costs and therefore a structural incentive to sell some revenue, but treasury policy and financing differ by operator.
What happens at a halving?
The BTC subsidy halves. If price is unchanged, the issuance-value numerator halves while the yearly average catches up gradually.
Is a high reading bearish?
No. It can occur in a healthy mining economy during a strong advance. Price, miner flows and margins provide context.
What belongs beside it?
Hashprice, fees, hashrate, difficulty and production-cost estimates. Together they describe revenue, competition and cost pressure.
ON-CHAIN METRIC
Puell Multiple
Is the dollar value of Bitcoin issuance high or low relative to its trailing-year norm?
Open the Mining & Network dashboard
The Puell Multiple compares the daily US-dollar value of newly issued Bitcoin with its 365-day moving average. It is a revenue-cycle measure for miners, not a complete profit-margin calculation.
Mining is worth isolating because operators face ongoing power, hosting, staffing and financing costs. Those costs create a recurring incentive to sell some production, but miners are not literally Bitcoin’s only forced sellers.
How the Puell Multiple is calculated
Formula. Daily Coin Issuance in USD ÷ 365-Day Moving Average of Daily Coin Issuance in USD.
The numerator normally covers block-subsidy issuance valued in dollars. Transaction fees and individual miner costs are not part of the standard formula.
What high and low readings show
A low reading means issuance revenue is weak relative to its trailing-year norm. Some operators may be under pressure, but profitability also depends on energy prices, machine efficiency, debt and each miner’s share of hashrate.
A high reading means issuance revenue is strong relative to the same benchmark. It can coincide with strong advances and higher incentives to expand or realise treasury holdings, but it is not automatically bearish.
What a halving does
A halving cuts the block subsidy in BTC by 50%. With price held constant, the daily issuance-value numerator drops by half immediately while the 365-day average adjusts gradually.
Actual dollar revenue also depends on price and fees, so the observed move need not be exactly 50%. The mechanical break should not be read as a fresh market signal.
How to read it
Historically high. Issuance revenue is far above its trailing-year norm.
Above one. Daily issuance value exceeds its 365-day average.
Near one. Daily issuance value is close to its yearly norm.
Below one. Issuance revenue is below its trailing-year average.
Historically low. Deep revenue compression; check miner costs, hashprice and halving effects.
The Puell Multiple updates daily inside the Mining & Network dashboard, alongside hashprice, production-cost estimates and miner-stress views.
Common questions
Does the Puell Multiple measure miner profit?
No. It measures issuance revenue relative to its yearly norm. It does not subtract energy, hardware, hosting or financing costs.
Are miners forced to sell?
They have recurring fiat-denominated costs and therefore a structural incentive to sell some revenue, but treasury policy and financing differ by operator.
What happens at a halving?
The BTC subsidy halves. If price is unchanged, the issuance-value numerator halves while the yearly average catches up gradually.
Is a high reading bearish?
No. It can occur in a healthy mining economy during a strong advance. Price, miner flows and margins provide context.
What belongs beside it?
Hashprice, fees, hashrate, difficulty and production-cost estimates. Together they describe revenue, competition and cost pressure.