What the Bitcoin Puell Multiple Measures

Bitcoin (BTC) has a mining-revenue indicator called the Puell Multiple, which puts daily revenue in context against its 365-day average.

The calculation divides mining revenue in U.S. dollars by its 365-day moving average. A value above 1 means daily revenue is higher than that average.

That comparison describes the indicator’s level, but a single reading above 1 does not establish a sustained market recovery. The measure alone does not establish miners’ actual financial pressure or behavior.