Bitcoin Puell Multiple
Puell Multiple compares the USD value of Bitcoin miners' daily issuance (block reward) to the trailing 365-day average - gauging how high or low miner revenue sits relative to its own historical norm, and indirectly, supply-side sell pressure.
This chart shows real data up to September 27, 2026. The live value is free on Cedvel - no subscription needed.
Source: puell_multiple (bitview.space / Bitcoin Research Kit)
What is it?
Compares the USD value of Bitcoin miners' daily issuance (block reward) to the trailing 365-day average - an indirect gauge of how high or low miner revenue sits relative to its own historical norm, and by extension supply-side sell pressure.
How is it calculated?
Puell = USD Value of Daily Issued BTC / (365-Day Moving Average).
How to read it
Above 4 has historically overlapped with cycle-top regions where miner revenue is abnormally high (high price + high issuance). Below 0.5 has historically overlapped with cycle-bottom/capitulation regions where miner revenue is abnormally low (usually following tight miner margins).
Things to watch out for
Halvings (the block reward cutting in half) create sudden, structural jumps on the chart - these are not a market signal, they are an expected discontinuity from the protocol's own rules.
Historical usage
Periods where Puell Multiple rose above 4 have historically overlapped with cycle-top regions (high price + high issuance), and periods below 0.5 have overlapped with historical bottom/capitulation regions (typically after tight miner profit margins). Halvings create sudden, structural jumps on the chart - these are not a market signal, they are an expected discontinuity from the protocol's own rules.
Frequently Asked Questions
How is Puell Multiple calculated?
Puell = USD Value of Daily Issued BTC / (365-Day Moving Average).
What does a high or low Puell Multiple mean?
Above 4 has historically overlapped with cycle-top regions where miner revenue is abnormally high. Below 0.5 has historically overlapped with cycle-bottom/capitulation regions where miner revenue is abnormally low.
How do halvings affect Puell Multiple?
The block reward being cut in half creates a sudden, structural jump on the chart - this is not a market signal, it's an expected discontinuity from the protocol's own rules.