Puell Multiple
What Bitcoin miners earn today in dollars against their average of the last year. Very low, miners are squeezed (bottom zone); very high, they earn far more than usual (top zone).
Market cycle readingclose of
At the November 12, 2026 close, Bitcoin ($71,460) sits in band 3 of 9 on the rainbow chart ("low"), 5.5% above its 200-week average ($67,760), with a Mayer Multiple of 0.98, below its 200-day average. Below the 200-day average but above the 200-week one: a correction within the long-term uptrend, not a cycle-low reading. Altcoins: the Altcoin Season Index reads 44/100 (neutral). The last altcoin season in our records ran from Sep 12, 2025 to Sep 25, 2025 (peak 85).
Precedent. The last time Bitcoin was in this position (in rainbow band 3, above its 200-week average and below its 200-day average) was between Jan 25, 2026 and Aug 9, 2026, starting at $86,670. Six months later it was 24.5% lower. We were publishing: Fidelity Flags Bitcoin ‘Rebalancing’ Risk as Gold Rally Accelerates
Before that, at least a year earlier: the week of Sep 8, 2024, starting at $54,870. Six months later it was 47.1% higher; a year later, 102.5% higher. We were publishing: Arthur Hayes Forecasts Bitcoin’s Drop Below $50K as Market Fear Reaches Critical Levels
Our own calculation from Bitcoin daily and weekly closes since 2010, updated once a day. The precedent compares positions; it does not predict the price.
Today's readingclose of Nov 12, 2026
Puell Multiple: history
Weekly points (Sunday close, UTC); hover for the value and the BTC price. Source: blockchain.com.
What happened the other times
| Date | Event | BTC price | +6 m | +12 m |
|---|---|---|---|---|
| Sep 11, 2024 | fell below 0.5 (miners under pressure) | $57,338 | +46% | +101% |
| Dec 24, 2022 | fell below 0.5 (miners under pressure) | $16,836 | +81% | +155% |
| Jun 16, 2022 | fell below 0.5 (miners under pressure) | $20,401 | −15% | +29% |
| Jun 27, 2021 | fell below 0.5 (miners under pressure) | $34,700 | +46% | −40% |
| Mar 15, 2020 | fell below 0.5 (miners under pressure) | $5,361 | +93% | +937% |
| Oct 14, 2018 | fell below 0.5 (miners under pressure) | $6,339 | −19% | +32% |
| Nov 29, 2017 | rose above 4 | $9,688 | −24% | −56% |
| Mar 30, 2015 | fell below 0.5 (miners under pressure) | $242.34 | −4% | +74% |
| Sep 29, 2014 | fell below 0.5 (miners under pressure) | $375.24 | −35% | −36% |
| Nov 11, 2013 | rose above 4 | $328.00 | +33% | +12% |
| Mar 21, 2013 | rose above 4 | $65.93 | +93% | +788% |
| Apr 15, 2012 | fell below 0.5 (miners under pressure) | $5.02 | +141% | +1,892% |
Few cases and a single asset: precedents describe the past and guarantee nothing.
How it is calculated
Multiple = miners' daily revenue in USD / its 365-day average, using blockchain.com's «miners-revenue» series (fees included; David Puell's original uses new issuance only, so values may differ slightly when fees are high).
Frequently asked questions
What is the Puell Multiple today?
At the last daily close it reads 0.80: normal.
How is the Puell Multiple calculated?
Multiple = miners' daily revenue in USD / its 365-day average, using blockchain.com's «miners-revenue» series (fees included; David Puell's original uses new issuance only, so values may differ slightly when fees are high).
When was the last signal?
On September 11, 2024 the indicator fell below 0.5 (miners under pressure), with Bitcoin at $57,338. A year later the price had moved +101%.
Does it predict the price?
No. It sums up in one number where the price stands against its own history, and it has marked top and bottom zones in the past, but with few cycles as a sample. Use it with the other cycle indicators.