Puell multiple — Bitcoin onchain, per block

A high value means miners are earning far more than they normally do, which happens when the price has run ahead of itself; a low value means mining revenue is unusually poor, which has marked bottoms.

DefinitionValue of new issuance now / the mean value of issuance over the trailing year, block subsidy only, over priced blocks.

LimitThe subsidy halves overnight every four years while the trailing-year average still contains the old, larger subsidy, so the multiple drops mechanically for a year after each halving whatever the price does.

Unitratio

Also filed under

Cycle timing Is this cycle early or late on the clock, rather than on valuation?
Mining and miner revenue What are miners paid, and how hard is it to earn it?
Cycle position Where in the cycle are we, on the fifteen indicators the dashboard ranks?
111-day mean price the fast half of the Pi Cycle top signal
2 x 350-day mean price the slow half of the Pi Cycle top signal
Price vs all-time high how close the price is to its record
Mayer multiple price against its 200-day average
Pi Cycle ratio distance to the Pi Cycle top signal
RHODL ratio young money against year-old money
Reserve risk price against the conviction of long-term holders
Blocks since the halving where we are in the four-year issuance clock

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