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.
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.
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.
A model that tracks Bitcoin's price relative to mining difficulty. Since miners are key price-insensitive sellers, the relationship between price and difficulty provides fundamental price support levels.
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.
The total computational power dedicated to Bitcoin mining, measured in exahashes per second (EH/s). Higher hash rate = more secure network.