Puell Multiple: Bitcoin Miner Revenue Indicator

As of 2026-11-05, the Bitcoin Puell Multiple is 0.91, in the 'Neutral' zone (below 0.5 bottom zone, above 4 top zone).

The Puell Multiple (David Puell) is the dollar value of bitcoin issued that day divided by its 365-day average. Miner revenue far below normal (below 0.5) is read as a bottom zone, and far above normal (above 4) as a top zone. Right after a halving, issuance is cut in half, so the value drops.