On-chain signal · Bitcoin cycle

Puell Multiple

A miner-revenue gauge that has marked Bitcoin cycle bottoms and tops for over a decade — here’s what it reads today.

0.87

Bottom territory

Miner capitulation; has overlapped with major cycle lows.

Live · locks 00:00 UTC

What is the Puell Multiple?

The Puell Multiple measures how much money Bitcoin miners are earning today compared to the past year. It is one number: miners’ daily revenue divided by the 365-day average of that revenue.

When the number is high, miners are earning far more than usual — which has historically happened near market tops, when prices (and so mining income) run hot. When it is low, miners are earning much less than their yearly norm — a stressed, squeezed state that has tended to appear near cycle bottoms. In plain terms, it reads the cycle through the economics of the people who produce new bitcoin.

Named after analyst David Puell, the metric works because mining revenue is tightly linked to price and to the fixed pace of new supply — so unusual highs and lows in miner income tend to bracket the market’s own extremes.

Puell Multiple chart & history

Recent cycle position (0–100) of the Puell Multiple. Today's reading is 0.87 — Miner capitulation; has overlapped with major cycle lows.

How to read it

There's no magic threshold, but history gives rough bands. Think of these as context, not triggers.

Zone	Reading	What it has meant historically
Bottom band● now	below ~0.5	Miner capitulation; has overlapped with major cycle lows.
Neutral	~0.5 – 4	Normal range; little cycle-timing information on its own.
Top band	above ~4	Miner revenue far above its yearly average; has bracketed cycle tops.

It's a signal about months and cycles, not days. That's why CryptoMarketCycle blends it with the other signals rather than reading it alone.

Common questions

It compares Bitcoin miners’ daily revenue to its 365-day average. High means miners earn much more than usual; low means much less. Those extremes have historically lined up with market tops and bottoms.

Historically, very low readings have appeared near cycle bottoms, because they reflect miner stress and washed-out conditions. It is one signal among many — informative, not a guarantee.

Readings above roughly 4 have coincided with past cycle tops, when miner revenue runs far above its yearly average. The exact level varies cycle to cycle.

We recompute it daily from public on-chain data and lock each day’s value at 00:00 UTC, the same as the main index.

Related signals

The Puell Multiple is 1 of 16 signals behind the Crypto Market Cycle Index.

See the full index →