Bitcoin Puell Multiple chart: the dollar value of daily Bitcoin issuance divided by its 365-day average — a miner-revenue view of cycle tops and bottoms. Updated daily.
Left axis: BTC price (log). Right axis: Puell Multiple (log) with the 2.2 / 0.5 reference levels.
Puell = (daily issuance in BTC × price) / SMA(365) of the same
The Puell Multiple compares what miners earn today from newly issued coins with what they earned on average over the past year. Coinfuty computes issuance from the subsidy schedule (blocks per day × block reward) and prices it at the daily close. Transaction fees are not included, so the series sits slightly below fee-inclusive versions in periods of high fees.
High readings (≥ 2.2) mean miner revenue is far above its yearly norm — typical of blow-off tops, when miners tend to sell. Low readings (≤ 0.5) mark miner stress and have coincided with cycle bottoms. Halvings cut issuance in half overnight, so the multiple drops mechanically on halving day.
1.06 as of Oct 19, 2026: daily issuance is worth more than its one-year average.
Miner revenue from new coins is far above its yearly norm, which has coincided with blow-off tops (2013, 2017, early 2021). Miners tend to sell into that strength.
No. Issuance is computed from the block subsidy only, so the multiple sits slightly below fee-inclusive versions during fee spikes. The shape of the series is otherwise the same.
Coinfuty computes every series on this page from daily BTC close prices and public constants — the Bitcoin halving schedule, block subsidy and published regression coefficients. Values refresh nightly (00:20 UTC) and the current day is patched hourly. These are historical, backward-looking indicators; nothing here is investment advice.