What is the Puell Multiple?
It divides the daily issuance value — new coins minted that day priced in dollars — by the trailing yearly average of that value. High readings mean miners are earning far above their yearly norm; low readings mean issuance revenue is compressed.
How it is calculated
Daily issuance value is coins minted per day times price; the Puell Multiple is that divided by its own moving yearly average. The page follows it as a daily series against its historical range.
How to read it
Historically high Puell readings have coincided with cycle tops, when elevated price lifts issuance revenue and miners have more incentive to distribute. Low readings have overlapped with cycle bottoms and miner capitulation, when issuance revenue is squeezed.
What it does not tell you
The Puell Multiple is a slow, cycle-scale gauge shaped by issuance halvings, and past thresholds may not repeat. It is context, not a signal. Live values are in the authenticated app.