BITCOIN PUELL MULTIPLE
Are Bitcoin miners earning more or less than usual?
Put today's mining pay beside the miners' own average day over the past year.
Where miner pay sits right now: Normal pay
- Miner stressunder 0.5×
- Normal pay0.5× to 2×
- Miners getting paid2× to 4×
- Overheated4× and over
Cheap, washed outOverheated
The marker sits in the normal-pay band: miners earning roughly what they usually do, not stressed and not flush.
Miner pay against its own past year
Miner pay measured against its own past-year average, across Bitcoin's history, on a log scale. Below 0.5 the weakest miners are squeezed; above 4 they're earning multiples of normal, a band that has shown up near past market peaks.
Inspect and compare dates
Compare miner pay on two dates.
| Measure | Change | Relative change | ||
|---|---|---|---|---|
| Miner pay against its own year | 0.95× | 1.05× | +0.10× | +10.5% |
Right now
Miners are earning roughly their usual amount, about 1.05× their past-year average. That is the normal-pay band, not stressed and not flush.
At the 29 Sep 2026 close miners earned 1.05× their past-year average. A year ago, on 29 Sep 2025, it was 1.17×.
What changed
Miner pay has been climbing, up 11% over the past 30 days, from 0.95× the past-year average to 1.05×.
That is the move on the daily line, between the 30 Aug 2026 close and the 29 Sep 2026 one. The comparison below opens on the same two days.
Against the last four years
Smoothed over about a week, today's pay is at the 49th percentile of the last four years, on the middle of its range. Over those four years that smoothed reading has run from 0.51× to 2.06×.
It is at neither end of that range today. This ranking uses a four-year window that moves with every day, so it is a different reading from the pay band above.
What history shows
Miner pay has closed between 0.5× and 2× on 4,707 of the 5,751 days since January 2011, about 82% of them. The two ends, the squeeze and the extreme, took 389 of them between them, about 7% of them.
Miner pay reads in months, not days. Inside the normal band it says little about where price goes next.
What would change the read
- A drop below 0.5 times points to deep miner stress, the level where the weakest operations get squeezed and some sell to stay afloat.
- A move above 2 times means miners are getting paid unusually well.
- A push toward 4 times means miners earning multiples of normal, a band that has shown up near past market peaks.
How to read it
Miner pay swings with the price and with the halvings, so it is read against the miners' own past year rather than in dollars.
It says how good or bad a stretch miners are having. It does not say what price does next.
Understanding
the Puell Multiple
Where it stands today
Bitcoin miners are earning 1.05× their past-year average, in the normal pay band as of .
What is this comparing?
Miners earn Bitcoin every day for keeping the network running. This page compares what they earn today with their own average day over the past year. A reading of 1.05× means today's pay is that many times the past-year average, so the comparison holds whether Bitcoin trades at $1,000 or $100,000.
Why does very good pay matter?
Above 4 times, miners are earning multiples of what they normally make, which usually happens during a price surge. Miners are businesses with bills to pay, so they sell the extra. That has closed 272 of the 5,751 days since January 2011, about 5% of them, and those stretches have shown up near past market peaks.
Why does very poor pay matter?
Below 0.5, miners are earning less than half their usual take and the least efficient cannot cover their electricity bills. They switch off and sell what they hold to survive. That has closed 117 of the same 5,751 days, about 2% of them, and those stretches have shown up near past market lows.
What do the halvings do to it?
The mining reward is cut in half overnight at each halving, so miners suddenly earn far less and this reading is squeezed. If the price then climbs to make up for it, the reading expands again. That is why the line has a step down at each halving and a recovery after it.
What are the two readings on this page?
The band says what miners are earning against their own past year, on fixed multiples that never move. The four-year ranking says how that compares with the past four years, on the reading smoothed over about a week and a window that moves with every day: today it is at the 49th percentile. The two can point different ways, and neither is a forecast.
The numbers
behind the chart
What does the current reading show?
Miner pay against its own year: the latest reading is 1.05×, on . The highest reading since is 21.37× on ; the lowest is 0.32× on .
Daily readings since 1 Jan 2011 let you compare today with earlier months. Highest and lowest cover every reading since then; month-end values use the last reading on or before that date. The latest reading is 1.05×, in the normal pay band.
What are the latest, highest and lowest readings?
| Measure | Latest | Highest | Lowest |
|---|---|---|---|
| Miner pay against its own year | 1.05× | 21.37× | 0.32× |
How do the readings compare with earlier dates?
| Reference date | Miner pay against its own year |
|---|---|
| 1 month ago | 0.95× |
| 3 months ago | 0.66× |
| 6 months ago | 0.68× |
| 1 year ago | 1.17× |
| 2 years ago | 0.82× |
What was the reading at each month’s end?
| Reading date | Miner pay against its own year |
|---|---|
| 0.95× | |
| 0.73× | |
| 0.64× | |
| 0.78× | |
| 0.79× | |
| 0.70× | |
| 0.68× | |
| 0.78× | |
| 0.86× | |
| 0.89× | |
| 1.08× | |
| 1.17× | |
| 1.17× | |
| 1.31× | |
| 1.28× | |
| 1.30× | |
| 1.22× | |
| 1.04× | |
| 1.01× | |
| 1.22× | |
| 1.13× | |
| 1.18× | |
| 0.87× | |
| 0.79× |
Source: Maketo's daily record of what Bitcoin miners earn and Bitcoin's price. Reading for .