Bitcoin Puell Multiple (Live Chart)
Daily miner income divided by its own one-year average. It reads the market through the miners.
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Puell Multiple on the left axis with BTC price overlaid on the right (log). The zones mark miners-starved (0.5) and miners-overpaid (4.0).
Drag across the chart to zoom into any span. Reset zoom to go back.
The Puell Multiple looks at Bitcoin through the eyes of the people who produce it. It takes the daily value of newly issued coins in dollars and divides it by the 365-day average of that same figure. The result shows whether miners are currently earning far more or far less than they normally do.
When the multiple is very low, miner income has collapsed relative to its recent norm, which tends to happen after prices have fallen hard and has coincided with cycle bottoms. When it is very high, miners are being paid unusually well, which has coincided with tops. Because miners must sell coins to cover real-world costs, their revenue swings carry information about supply pressure.
Halvings cut issuance in half overnight, so read the multiple relative to its own recent range rather than as an absolute number.
The charts are public. The read is the edge.
These indicators are free for everyone. Inside the community you get the daily desk note that ties them together, alerts when price enters a cycle window, and the Satoshi Clock running on your own charts.
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