Puell Multiple
How rich is miner revenue against its own year?
Daily issuance value is 1.05× its 365-day average (Puell Multiple). Readings below ~0.5× have marked miner-capitulation lows, above ~4× cycle tops.
History
Off daily closes through 2026-10-18 (btc-history.json, weekly automated refresh); the current reading stitches the live spot when available. Issuance from the analytic subsidy schedule.
Why we track it, how it's computed, and related reading
Why we track it · Miners are forced sellers; when their daily take stretches far above its yearly average, supply pressure follows. The other side · Issuance-only (fees excluded) and halving resets bend the baseline — cross-era comparisons get fuzzy.
The Puell Multiple measures daily issuance value against its yearly average — a proxy for miner-revenue pressure.
Trace this number
| Today's issuance value | $256,255 | as of 2026-10-18 |
| 365-day avg issuance value | $244,336 | as of 2025-10-19→2026-10-18 |
| issuance value ÷ its 365-day average (subsidy × close; 144 blocks/day cancels) | = 1.05× | |
The arithmetic is auditable; whether it means anything is the “other side” above. Levels are the weekly file’s completed closes — the reading stitches the live spot when available, so an intraday value can differ.
How it's computed
For each day, multiply the protocol block subsidy in effect (from the analytic halving schedule) by the daily close to get issuance value, then divide by its trailing 365-day average. The constant 144 blocks/day cancels in the ratio. Computed off daily closes through the latest row in btc-history.json — a price-only series refreshed weekly by an automated, validation-gated pipeline, so the tail can trail the live market by up to a week between refreshes. The current reading stitches the live spot when available.
Evidence basis · full daily history across 4 halving epochs of issuance
Band guide
Read it alongside
From the intel desk
Dispatches from the desks that watch this instrument — editorial context, not signals.