Cycle dashboard/Indicators/Puell Multiple
Bitcoin on-chain indicator
Bitcoin Puell Multiple
The Puell Multiple looks at the cycle from the miners' side of the ledger. It takes the dollar value of the coins issued today and compares it with the average dollar value issued over the past year. Below 1 means miners are earning less than their own recent norm; well above 1 means the opposite, and that has tended to happen when price has run far ahead of the previous year's average.
Reading the latest public snapshot. This page shows the raw Puell Multiple value in its own unit, not a normalised score.
- BTC price that day
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- Historical percentile
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- Full-history range
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- This cycle's peak
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- Site cycle zone
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- Cycle Compass verdict
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Public data refreshes every six hours.
Bitcoin Puell Multiple, full history on a logarithmic axis
loading history…Puell Multiple (left axis, raw units) BTC price (right axis, log) 0.50 · 1.00 · 2.50 · 4.00 reference levels
Loading the public daily series…
What the Puell Multiple is, and exactly how it is computed
The input is CoinMetrics Community IssTotUSD: the USD value of all coins issued on a given day,
which is the block subsidy multiplied by that day's price. The multiple is that value against its own trailing
365-day mean.
Issuance, not total miner revenue
This is issuance value only. Transaction fees are excluded, which follows David Puell's original definition but differs from dashboards that use total miner revenue including fees. During high-fee episodes — the 2023 and 2024 inscription waves, for instance — a fee-inclusive version reads meaningfully higher than this one. Neither is wrong; they are different metrics with the same name, which is worth knowing before comparing two charts.
How the levels are read
The multiple is the third lens in the 0–1 TIDE score (normalised across 0.30 to 4.00) and forms the miner families in the Cycle Compass on both sides.
| Band | What it describes | Role in CryptoTIDE | Share of all days since 2010 |
|---|---|---|---|
| Below 0.50 | Daily issuance revenue under half its own yearly average. | Miner-stress family active | 4.6% |
| 0.50 – 0.80 | Compressed miner revenue. | Miner-stress family on watch | — |
| 0.80 – 2.50 | Around or moderately above the yearly norm. | No family flag until 1.80 | — |
| 2.50 and above | Issuance revenue far above its own yearly average. | Miner-revenue-stretch family active | 11.0% |
| 4.00 and above | The historical extreme band. | Top-risk pressure flash level | 3.5% |
The halving puts a step in the chart
At a halving the numerator halves overnight while the denominator still averages a full year of pre-halving issuance. The 2024 halving is visible in the data as a drop from 1.68 on 19 April to 0.75 on 20 April 2024 — a 56% fall in one day with nothing happening in the market at all. The distortion then decays over the following 365 days as the average rolls forward. Any Puell reading in the twelve months after a halving carries that mechanical drag, and reading it as miner capitulation would be a mistake.
What every Bitcoin cycle actually printed
The multiple at each cycle's own extreme, from the public series charted above.
| Cycle | Peak Puell | BTC price then | Post-peak trough | BTC price then |
|---|---|---|---|---|
| 2011 cycle | 21.18 2011-06-09 | $28.79 | 0.30 2011-10-20 | $2.36 |
| 2013 cycle | 10.49 2013-04-09 | $231 | 0.31 2015-01-14 | $176 |
| 2017 cycle | 6.62 2017-12-17 | $19,250 | 0.30 2018-12-07 | $3,373 |
| 2021 cycle | 3.46 2021-02-19 | $55,820 | 0.35 2022-06-17 | $20,465 |
| 2025 cycle (open) | 2.43 2024-03-07 | $67,070 | 0.51 so far 2026-06-03 | $64,233 |
Cycle windows run low-to-low, using the same boundaries as the dashboard's cycle map: 18 Nov 2011, 14 Jan 2015, 15 Dec 2018 and 9 Nov 2022. The trough column is the lowest reading after that cycle's peak. The table is recomputed in your browser from the published series, so it stays correct as new data arrives.
Peak-to-peak, the Puell Multiple has fallen every cycle: 21.18 → 10.49 → 6.62 → 3.46 → 2.43. Each cycle top has printed a lower extreme than the one before it, so a level that was ordinary in 2013 has not been reached since.
The 4.00 flash level has not been touched since the 2017 cycle. The 2.50 stretch level was reached only briefly in the current cycle, in March 2024 — before the 2024 halving, and around eighteen months before the price peak.
The trough side is more stable than the peak side: 0.30, 0.31, 0.30, 0.35 and 0.51 so far. Miner revenue compression bottoms out in a similar place each cycle, roughly a third of the yearly average, because below that level hash rate leaves the network and difficulty adjusts. That structural floor is the reason this indicator's lower band has aged better than its upper one.
Limits worth knowing before you lean on this
The halving artefact is large and recurring. See the callout above: a step change of roughly 50% arrives on a known date every four years and takes a year to wash out of the denominator.
Issuance shrinks as a share of miner income. Each halving makes fees a bigger fraction of what miners actually earn, so an issuance-only metric describes progressively less of the miner economy. Over enough halvings this indicator measures something increasingly narrow.
Price dominates the numerator. Coins issued per day is near-constant between halvings, so on most days the Puell Multiple is a smoothed function of price against its own yearly average. It is less independent of price than a "miner metric" label suggests.
Questions people ask about the Puell Multiple
What is the Puell Multiple?
The Puell Multiple is the USD value of newly issued bitcoin on a given day divided by the average daily issuance value over the preceding 365 days. It describes how miner issuance revenue compares with its own recent norm: below 1 is below the yearly average, above 1 is above it.
How is the Puell Multiple calculated?
Multiply the coins issued that day by the price to get daily issuance value in USD, take a 365-day mean of that series, and divide today's value by the mean. CryptoTIDE uses the free CoinMetrics Community IssTotUSD field, and excludes transaction fees, following the original definition.
What does a low Puell Multiple say about Bitcoin miners?
It says the dollar value miners receive from newly issued coins is running below its own yearly average, which squeezes the least efficient operations. Readings below 0.50 have occurred on about 4.6% of all days since 2010, and the cycle troughs have been remarkably consistent at 0.30 to 0.35 — plausibly because below that level hash rate leaves the network and difficulty adjusts downward.
How does the Bitcoin halving affect the Puell Multiple?
Sharply and mechanically. The halving cuts the numerator in half overnight while the 365-day denominator still contains a year of pre-halving issuance. At the April 2024 halving the multiple fell from 1.68 to 0.75 in a single day with no market event behind it, and the distortion decayed over the following year. Puell readings in the twelve months after a halving should be read with that in mind.
Related Bitcoin cycle indicators
No single gauge carries a cycle read on its own. CryptoTIDE groups correlated metrics into families so that four views of the same realized-cap data cannot vote four times — the reasoning is on the methodology page, and the combined live read is on the Bitcoin cycle dashboard.