Firsthand Bitcoin · Data · Bitcoin miners

Puell multiple

The dollar value of new bitcoin issued each day against its one-year average.

1.08× on Sep 21, 2026, against 1.17× 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
2025-10	1.08×
2025-11	0.89×
2025-12	0.87×
2026-01	0.81×
2026-02	0.66×
2026-03	0.69×
2026-04	0.79×
2026-05	0.78×
2026-06	0.65×
2026-07	0.74×
2026-08	0.95×
2026-09	1.08×

Questions

What is puell multiple today?

1.08× as of September 22, 2026, up 16.3% over the last 30 days.

How has it changed over the past year?

A year ago it was 1.17×; today it is 1.08×, a change of -8.3%.

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.

By year

2026 · 2025 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016 · 2015 · 2014 · 2013

Data: CSV · JSON. Embed: <iframe src="https://firsthandbitcoin.com/embed/puell-multiple" width="100%" height="420"></iframe>. Free to reuse with a link to this page.

Updated daily. Latest data 2026-09-22.

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