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
Miners are earning about average right now — not stressed, not flush. This is the everyday read for most of the cycle.
On the low side of the four-year range — miners are earning less than usual but well clear of stress.
- Miner pay rose 7.5% over the past 30 days.
- It's sitting in the lower half of the four-year range — earnings below the usual.
- It's well clear of the level where miners typically start dumping.
- A move above 2 would mean miners are getting paid unusually well.
- A drop below 0.5 would point to deep miner stress.
- A sharp rise toward 4 would mean miners are earning multiples of normal — a band that has shown up near previous market peaks.
The four named bands and where the current reading sits.
The dot sits in the Normal Pay band — miners are earning roughly what they typically do, not stressed and not flush.
Roughly flat over six months — miner pay sitting near 0.81.
- Whether miners are earning more or less than their year-average right now.
- Whether economic pressure on miners is building or easing.
- Where Bitcoin's price is going next.
- Which specific miners are profitable — this is a network average.
Are miners still investing in the network?
How much are miners earning per machine?
Is the network adjusting to miner stress yet?
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 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.