Puell Multiple
Are miners making way more or less money than usual?
This compares what miners earn today to their average earnings over the past year. Read more
At 0.85, this is in the middle — not giving a strong signal either way. The market isn't clearly cheap or expensive right now.
On the low side compared to the last 4 years, but not extreme.
This has been falling over the past 6 months, going from 0.98 down to 0.85. The trend is cooling off.
Understanding 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 rolling in cash — 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 contributed to tops in the past.
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 historically marked major bottoms.
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.