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Cycle indicator

Puell Multiple

Daily miner revenue relative to its 365-day average to identify miner stress and euphoria

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Chart informationPuell Multiple

About This Indicator

The Puell Multiple divides daily miner issuance revenue in USD by its 365-day moving average. It measures whether miners are earning unusually high or low revenue, which historically correlates with cycle tops (high) and cycle bottoms (low).

Current Value & Interpretation

Current price
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Current Puell Multiple
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Signal
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Waiting for enough price history to compute the Puell Multiple (requires 365 days of data).

Data Sources

  • Bitcoin Price: CoinGecko API
  • Block reward schedule: Bitcoin halving schedule (hardcoded)
  • Calculation: (Daily issuance USD) / (365-day SMA of daily issuance USD)

Last Updated

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Related Charts

  • Hash RibbonsCompares 30-day and 60-day hash-rate moving averages. A buy signal is generated when the 30-day average crosses back above the 60-day average after a period of miner capitulation.
  • Difficulty RibbonLayers multiple mining-difficulty moving averages (9, 14, 25, 40, 60, 90, 128, 200 days). Compression can indicate miner stress; expansion after compression can indicate recovery.
  • Bitcoin: Hash RateTotal network computational power, the raw series behind the Hash Ribbons and Puell Multiple charts. A rising trend reflects growing miner investment and security; sharp drops mark miner capitulation events.
  • Bitcoin: Electrical Cost of ProductionA Capriole-style estimate of the pure electricity cost to mine one Bitcoin, derived from network hash rate, an assumed improving miner-efficiency curve and a $0.05/kWh electricity price. It acts as a fundamental price floor: because miners must sell to cover costs, Bitcoin has historically rarely traded below its electrical cost for long, making tests of the floor strong long-term accumulation zones. The efficiency curve is a modelled assumption, so treat the line as an indicative floor rather than an exact cost.