In Bitcoin, miners are the one group you can’t ignore. They create all new BTC supply and are structural sellers — electricity, hardware, and operations have to be paid for no matter what the market is doing.
That’s exactly why the Puell Multiple exists: to track miner selling pressure.
🔸 What the Puell Multiple measures
It compares current miner revenue to its one-year average.
Formula:
Puell Multiple = Daily BTC Issuance (USD value) ÷ 365-day moving average of that value
🔸 How to read it
• Too high 👉 Miner revenue is exploding → miners usually sell aggressively to lock in profits
• Too low 👉 Miner revenue collapses → miners operate at a loss, shut down rigs, or sell reserves just to survive
🔸 Key Zones that matter
🟢 Green Zone (Below 0.5) — Buy Signal
When Puell Multiple drops into this zone, it signals miner capitulation.
Weak miners are wiped out, selling pressure dries up, and supply stress is gone.
Historically, this has been one of the best long-term accumulation zones.
🔴 Red Zone (Above 4.0) — Sell Signal
Here, miner revenue is abnormally high.
Miners rush to sell, recover capital, and upgrade equipment.
This often lines up with cycle tops.
🔹 Why this matters
Miner flow is primary flow.
When Bitcoin producers are no longer willing to sell cheap, price has only one direction left: up.
📌 Be greedy when miners are fearful.
So the real question is 👇
Are miners currently swimming in profits… or struggling to pay electricity bills?
News is for reference only, not financial advice. Always do your own research before making decisions.
