Firsthand Bitcoin · Data · Bitcoin miners
Data / Puell multiple / 2025
The dollar value of new bitcoin issued each day against its one-year average.
Puell multiple opened 2025 at 1.13× (January 1, 2025) and closed at 0.87× (December 31, 2025), down 23.5%. The high was 1.40× on July 14, 2025 and the low 0.82× on November 22, 2025.
| Month | Month end |
|---|---|
| January 2025 | 1.24× |
| February 2025 | 0.98× |
| March 2025 | 1.04× |
| April 2025 | 1.22× |
| May 2025 | 1.29× |
| June 2025 | 1.28× |
| July 2025 | 1.33× |
| August 2025 | 1.17× |
| September 2025 | 1.17× |
| October 2025 | 1.08× |
| November 2025 | 0.89× |
| December 2025 | 0.87× |
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.
Other years: 2026 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016 · 2015 · 2014 · 2013
Also in 2025: Bitcoin price · Distance from the all-time high · 200-day and 200-week averages · Network hashrate · Mining difficulty · Difficulty adjustments · Fees paid to miners · Transactions per day · Hashprice · Miner revenue · Miner prices per terahash · Bitmain releases and the bitcoin price