The dollar value of new bitcoin issued each day against its one-year average.
0.99× on Nov 6, 2026, against 1.00× a year earlier.
Daily issuance in dollars divided by its 365-day average. Under 0.5, miners are earning half their usual income and the weakest are selling to survive, which has marked cycle bottoms; above 4, issuance is worth four times normal and miners are selling into euphoria.
Puell multiple, month by month
Month
Puell multiple
Dec 2025
0.87×
Jan 2026
0.81×
Feb 2026
0.66×
Mar 2026
0.69×
Apr 2026
0.79×
May 2026
0.78×
Jun 2026
0.65×
Jul 2026
0.74×
Aug 2026
0.95×
Sep 2026
1.05×
Oct 2026
1.00×
Nov 2026
0.99×
Questions
What is puell multiple today?
0.99× as of November 6, 2026, down 8.7% over the last 30 days.
How has it changed over the past year?
A year ago it was 1.00×; today it is 0.99×, a change of -1.7%.
What is the highest puell multiple on record?
5.46×, on December 19, 2017.
How is this chart calculated?
Daily issuance in dollars divided by its 365-day average. Under 0.5, miners are earning half their usual income and the weakest are selling to survive, which has marked cycle bottoms; above 4, issuance is worth four times normal and miners are selling into euphoria.
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