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BITCOIN PUELL MULTIPLE

Are Bitcoin miners earning more or less than usual?

How today's mining pay compares with the miners' own average over the past year.

Where miner pay sits right now
Miner stress< 0.5
Normal pay0.5 – 2
Miners getting paid2 – 4
Overheated≥ 4
cheap / washed-outoverheated

The marker sits in the normal-pay band: miners earning roughly what they usually do, not stressed and not flush.

Usually daily
Miner earnings compared with their one-year average over time chartmaketomaketo.com/indicator/puell1.0010.0020112013201520172019202120232025TODAY0.73

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.

Latest displayed reading: 0.73 on Aug 3, 2026. This view shows 1,033 dated readings from Jan 1, 2011 to Aug 3, 2026. The latest displayed reading is lower than the first. The displayed low is 0.24 on Jan 14, 2015. The displayed high is 21.37 on Jun 9, 2011.

Inspect a chart date

Arrow keys move one plotted point. Home and End jump to the first and latest points.

  • Miner earnings divided by their one-year average (selected): 0.73

  1. How are miners getting paid right now?

    Normal pay

    Miners are earning roughly their usual amount, about 0.73 times their past-year average. That is the normal-pay band, not stressed and not flush. It sits on the low side of its four-year range and has been climbing (up 8% this month).

    Now at 0.73 times their past-year average.

    ▲ 8.2% this month

  2. How does that compare with the last four years?

    Where today's reading ranks against its own range since 2022.

    Washed outStretched

    Today's 0.73 times sits at about the 20 percentile of the past four years, on the low side of its range, though still inside the normal-pay band.

    0.49× four-year low2.06× four-year high

  3. What's changed recently?

    • Miner pay has been climbing, up 8% this month.
    • It's on the low side of its four-year range, around the 20 percentile.
    • At 0.73 times it's still inside the normal-pay band, clear of the 0.5 stress line.

  4. What would change the read?

    • A drop below 0.5 points to deep miner stress, the level where the weakest operations get squeezed and some sell to stay afloat.
    • A move above 2 means miners are getting paid unusually well.
    • A push toward 4 means miners earning multiples of normal, a band that has shown up near past market peaks.

See also

Miner revenue per unit →

What miners earn per unit of computing power, the day-to-day version of this read.

Mining power →

Whether miners are still investing in the network despite the pay.

Mining difficulty →

How quickly the network is resetting to the pay miners are seeing.

Understanding the Puell Multiple

Miners earn Bitcoin every day for keeping the network running. This metric checks whether today's earnings are above or below their average day over the past year. It tells you if miners are having a really good stretch or a really bad one compared to recently.

When this goes above 4, miners are earning multiples of what they normally make. This usually happens during a price surge. Miners are businesses with bills to pay, so they sell their extra coins. That flood of selling has shown up near previous market peaks.

When it drops below 0.5, miners are earning less than half their usual take. At that point, the least efficient miners can't cover their electricity bills. They shut down and sell off their Bitcoin stash to survive. This forced selling has shown up near previous market lows.

This metric gets especially interesting around halvings, when the mining reward gets cut in half overnight. Right after a halving, miners suddenly earn way less, which compresses this reading. Then if the price climbs to make up for it, this metric expands again.