Puell Multiple
What Is Puell Multiple?
The ratio of daily miner revenue (in USD) to the 365-day moving average of daily miner revenue. Measures miner profitability relative to historical norms.
How to Interpret
Puell Multiple > 4 = miners are earning far above average — historically near cycle tops. Puell Multiple < 0.5 = miners under severe stress — historically excellent buying opportunities.
More Mining Metrics
Mining Pulse
Compares actual block intervals to the expected 10-minute target. Faster blocks indicate hash rate is growing; slower blocks suggest miners are dropping off.
Mining Fee Revenue
The percentage of total miner revenue derived from transaction fees vs. block subsidies. As block rewards halve, fee revenue becomes increasingly important for mining sustainability.
Profitable Mining Days
The percentage of days in which mining at the current hash rate and difficulty would have been profitable. Indicates the overall health and sustainability of mining.
Hashprice
The daily revenue miners earn per unit of hash rate (typically per terahash per second per day in USD). The key economic metric for mining profitability.