Bitcoin Puell Multiple
Current multiple
1.17×
Between 0.5 and 4
Bitcoin's Puell Multiple is 1.17× as of Oct 14, 2026, higher than on 54% of days since 2012. That day's 503.1 BTC of new coins were worth $41.0M at the close, against a 365-day average of $35.2M a day.
- New coins that day
- 503.1 BTC
- Worth $41.0M at the close
- 365-day average
- $35.2M
- Value of new coins per day
- All-time high
- 10.46×
- Apr 9, 2013
- All-time low
- 0.30×
- Dec 16, 2018
What it is
What miners earned from new coins in a day, against what they earned on an average day of the past year.
Every block pays its miner newly created bitcoin: 3.125 BTC since the April 2024 halving. Valued at the day's close, those coins are what miners earned from new issuance that day, and the Puell Multiple divides that by its average over the past 365 days. At 1 miners earned what they did on an average day of the past year, at 2 twice that, at 0.5 half. Transaction fees are left out: the metric, named after David Puell, counts new coins only.
Why it drops after every halving
A halving cuts the new coins per block in half overnight, while the 365-day average still counts a year at the old reward.
The day's coins halve at once, but the average it is divided by takes a year to catch up, so the multiple roughly halves too. The day before the April 2024 halving it read 1.70×; the day after, 0.80×. It recovers as days at the new reward fill the average, and the drag is gone a year after the halving. The lowest readings in the 180 days after each halving: 0.62× in December 2012, 0.59× in August 2016, 0.38× in May 2020 and 0.53× in September 2024. Between halvings the reward is fixed, so the line mostly follows the price against its one-year average, with day-to-day jitter from the number of blocks found.
How it’s computed
New coins per day from our own node × that day’s close, ÷ the 365-day average of the same.
We read each day's new coins off our Bitcoin Core node as the growth in circulating supply since the day before: the block rewards paid that day, less the odd fraction of a coin that is burned or left unclaimed. Fees move coins that already exist, so they add nothing. We value the coins at that day's close and divide by the average of the same dollar figure over the 365 days ending that day. Our price history starts on Aug 18, 2011, so the line starts a year later, on Aug 16, 2012.
Puell Multiple at past cycle tops and lows
Each row is a day picked by our own price data: the highest daily close of each bull market, and the lowest close between two tops. Every confirmed cycle low in our data read under 0.5: 0.30× in 2015, 0.39× in 2018 and 0.43× in 2022. Its own highest reading in each bull market was lower than the one before: 10.46× in April 2013, 6.55× in December 2017, 3.48× in February 2021 and 2.43× in March 2024. The chart shades readings under 0.5 green and over 4 red. Since 2012 the multiple has spent 4.1% of days under 0.5 and 2.0% over 4.
| Event | Date | BTC close | Puell Multiple |
|---|---|---|---|
| Cycle top | Dec 4, 2013 | $1,132 | 8.21× |
| Cycle low | Jan 14, 2015 | $171 | 0.30× |
| Cycle top | Dec 16, 2017 | $19,188 | 6.24× |
| Cycle low | Dec 15, 2018 | $3,180 | 0.39× |
| Cycle top | Nov 8, 2021 | $67,559 | 1.47× |
| Cycle low | Nov 21, 2022 | $15,766 | 0.43× |
| Cycle top | Oct 6, 2025 | $124,728 | 1.06× |
| Low since the last top | Jun 30, 2026 | $58,526 | 0.66× |
Dates are UTC daily closes. The latest low is provisional until a new cycle top confirms it.