Puell Multiple
Daily miner revenue relative to its yearly average. Shows the cycle from the perspective of those who create the supply.
What the metric shows
Puell Multiple looks at the market through the eyes of miners: how many dollars a day they earn now compared to the yearly average. When the multiplier is above 4, miners are in super-profits and actively selling — this historically coincided with tops. When it is below 0.5, mining is unprofitable, weak players disconnect — this is the bottom zone.
The metric reacts to the halving with a 50% drop, and this is normal — which is exactly why it is normalized to the yearly average, rather than absolute revenue.
How it is calculated
How to read the signal
| Zone | Value | Interpretation |
|---|---|---|
| > 4.0 | Miners in super-profits — selling pressure | |
| 0.5 – 4.0 | Normal range | |
| < 0.5 | Miner capitulation — historical bottom zone |
Frequently Asked Questions
Why does the halving break the chart?
It doesn't break it: revenue drops by half, but the yearly average also catches up after a year. The jump is visible for 12 months.
Are fees included?
Yes, fees are included in miner revenue along with the block reward.