Bitcoin Puell Multiple — Live Miner Revenue Chart

Daily miner revenue (in USD) divided by its 365-day average. It measures whether the sell-side pressure from Bitcoin's only structural sellers is historically stretched or starved.

Data: IssTotUSD, FeeTotNtv (miner revenue) · Coin Metrics community API · computed live in your browser, nothing uploaded

What this chart shows

Miners are Bitcoin's only structural sellers: they receive newly issued coins plus fees and must sell some flow to pay for electricity and hardware. The Puell Multiple normalizes today's USD mining revenue against the trailing year. Miner revenue itself is the issuance value plus the fee value for the day (IssTotUSD + FeeTotNtv × PriceUSD) — Coin Metrics' free community tier doesn't publish a combined revenue figure directly, so this page adds the two components itself.

Puell = Daily Miner Revenue (USD) / 365-day MA of Daily Miner Revenue

How to read it

Readings under 0.5 mean miner income has collapsed relative to its own recent history — the “miner capitulation” band where weak miners shut down, hash rate falls, and forced selling exhausts itself. These episodes clustered near major bottoms (2012, 2015, 2019, 2020, 2022). Readings above 4 mean revenue is extraordinarily rich, historically coinciding with cycle tops when miners could distribute heavily into demand.

Limitations

The metric's causal engine is weakening by design: every halving cuts issuance, and miner flow is now a small fraction of daily traded volume (ETF flows alone routinely dwarf it). Note also the step discontinuity the multiple shows around each halving — that is mechanics, not sentiment. Treat modern readings as a weaker signal than pre-2020 ones.

FAQ

Why do miners matter for Bitcoin's price?

They are the one participant class forced to sell on a schedule, because mining costs are paid in fiat. When their revenue is extreme in either direction, their aggregate behavior has historically shifted.

What happens to the Puell Multiple at halvings?

Issuance instantly halves while the 365-day average still reflects pre-halving revenue, so the multiple gaps downward mechanically. Ignore the step itself; compare like-for-like within each epoch.

Is the Puell Multiple still useful after ETFs?

Its logic is intact but diluted: miner flow is now a much smaller share of total market volume, so extreme readings carry less weight than they did in 2015 or 2019.