Firsthand Bitcoin · Data · Bitcoin miners
Data / Puell multiple / 2026
The dollar value of new bitcoin issued each day against its one-year average.
Puell multiple opened 2026 at 0.86× (January 1, 2026) and closed at 1.08× (September 22, 2026), up 24.5%. The high was 1.08× on September 22, 2026 and the low 0.64× on February 24, 2026.
| Month | Month end |
|---|---|
| January 2026 | 0.81× |
| February 2026 | 0.66× |
| March 2026 | 0.69× |
| April 2026 | 0.79× |
| May 2026 | 0.78× |
| June 2026 | 0.65× |
| July 2026 | 0.74× |
| August 2026 | 0.95× |
| September 2026 | 1.08× |
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: 2025 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016 · 2015 · 2014 · 2013
Also in 2026: 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