Puell Multiple
It compares current miner revenue with long-term average revenue to show whether miner income is stressed or overheated.
Using local history; the page updates after loading. Data source: local historical prices + Binance public Kline/Candlestick API. This site estimates daily new issuance revenue as block subsidy x about 144 blocks x BTC daily close, then divides it by the 365 day average. Transaction-fee revenue is not included. Educational chart only; not investment advice.
What it means
Puell Multiple observes BTC market pressure from miner revenue, helping explain halving cycles and miner behavior.
It compares current miner revenue with long-term average revenue to show whether miner income is stressed or overheated.
How to read it
- Low: miner revenue stress
- Middle: normal range
- High: overheated revenue
Limitations
Miner revenue is not a price predictor.
Formula
It compares current miner revenue with long-term average revenue to show whether miner income is stressed or overheated.
How to use
- Read it with halving cycles.
- Do not treat miner revenue as a standalone signal.
- Compare with price structure and on-chain data.
Chart data
| How to read it | Limitations |
|---|---|
| Low: miner revenue stress | Miner revenue is not a price predictor. |
| Middle: normal range | Miner revenue is not a price predictor. |
| High: overheated revenue | Miner revenue is not a price predictor. |
FAQ
Limitations
Miner revenue is not a price predictor.