Puell Multiple — miner income against its year.
The dollar value of the bitcoin issued to miners each day, divided by its 365-day average. Low readings have marked miner stress near cycle bottoms; high readings, miners flush with income near tops.
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Puell Multiple since 2012
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Indicators describe where price sits relative to its own history. They are not forecasts and not financial advice. Past cycle behaviour is no guarantee of future cycles.
Halvings and shrinking peaks
Issuance here is estimated from the block subsidy schedule: 144 blocks a day at the subsidy in force, valued at the daily close. Fees are left out. Each halving cuts the subsidy in half overnight, which is why the line drops sharply in November 2012, July 2016, May 2020 and April 2024. Peaks have shrunk from 8.4 in 2013 to 1.3 in 2025.
What it read at past tops and bottoms
| DATE | BTC CLOSE | PUELL MULTIPLE | |
|---|---|---|---|
| 2013 top | Dec 4, 2013 | $1,132 | 8.44 |
| 2015 bottom | Jan 14, 2015 | $171.41 | 0.34 |
| 2017 top | Dec 17, 2017 | $18,953 | 5.53 |
| 2018 bottom | Dec 15, 2018 | $3,180 | 0.40 |
| April 2021 top | Apr 13, 2021 | $63,564 | 2.80 |
| November 2021 top | Nov 8, 2021 | $67,559 | 1.59 |
| 2022 bottom | Nov 21, 2022 | $15,766 | 0.49 |
| 2025 top | Oct 6, 2025 | $124,728 | 1.27 |
| Latest close | Sep 27, 2026 | $84,457 | 1.05 |
Get pinged when it crosses your level
Readings under 0.5 have lined up with every cycle low since 2015. Set an indicator alert and coinsentry checks it at every daily close, pinging you on Telegram, Discord, Slack, email or webhook the first close it crosses your level — once, or every time it crosses. Indicator alerts are part of the Unlimited plan. Prefer a price level? Bitcoin price alerts are on the Bitcoin price alerts page.
Fair questions, straight answers
The dollar value of new bitcoin issued to miners each day, divided by its 365-day average. David Puell created it to show when miner income is unusually high or low compared with the past year.
Daily issuance is estimated as 144 blocks a day at the block subsidy in force, valued at the daily close. Transaction fees and the day-to-day variation in block count are left out. The subsidy halves at each halving, so the multiple drops sharply on those days.
Readings under 0.5 have marked miner stress near cycle bottoms: 0.34 in 2015, 0.40 in 2018, 0.49 in 2022. Tops read 8.4 in 2013 and 5.5 in 2017, then only 2.8 in April 2021 and 1.3 in 2025. The peaks get smaller as issuance shrinks.