Puell Multiple
How much miners are earning today for creating new blocks, compared with what they've earned on average over the past year.
Why it matters
Low = miner revenue is unusually squeezed relative to its own recent history (historically near cycle lows); high = unusually high revenue (historically near cycle tops).
Build it yourself
Compare today's issuance against its own one-year average — that's the whole trick behind the multiple.
Puell = Daily issuance ÷ 365d average issuance
Puell Multiple
Illustrative example numbers for practice — not real data.
How it's calculated, step by step
- Block subsidy in BTC = 50 ÷ 2^(block height ÷ 210,000) — Bitcoin's exact halving formula, no external service call needed.
- Daily issuance in BTC = sum of the subsidy of every block mined that day (each block's height is already captured while scanning the chain).
- Daily issuance in USD = daily BTC issuance × that day's price.
- A 365-day moving average of that USD issuance (a sliding-window average, adding the new value and subtracting the one that leaves the window).
- Puell Multiple = today's daily USD issuance ÷ that 365-day moving average.
Coincident signal.
It's a cycle-phase indicator, not a short-term trigger; the 0.5 / 4 bands are commonly cited historical levels, not a guarantee.
Chart
This is real Bitcoin data, computed from the blockchain — not the illustrative example above.
Data last updated on 2026-09-09.