GuideAPI Doc

Puell Multiple & Adjusted Variants

Compare miner income to its historical average to identify over- or under-valued mining periods.

Overview
The Puell Multiple measures miner revenue relative to its 365-day moving average, revealing extremes in profitability. High values suggest over-extension (often at cycle tops), while low values indicate stress and accumulation zones.

Formula

P u e l l M u l t i p l e = D a i l y I s s u a n c e U S D M A 365 ( D a i l y I s s u a n c e U S D ) PuellMultiple = \frac{DailyIssuance_{USD}}{MA_{365}(DailyIssuance_{USD})}

Signal

  • > 4.0: Miners earning unusually high profits (potential top).

  • < 0.5: Miners under pressure (potential bottom).

Available Metrics