One point per day. Each value takes what miners earned in new coins that day, priced in dollars, and divides it by what they earned on an average day over the past year. Above 1 means issuance is worth more than usual; below 1, less.
Miners have bills in fiat: power contracts, hardware, hosting. Most of them have to sell part of what they mine to pay those bills, which makes them the one group of holders that sells by necessity. The Puell Multiple, published in 2019 and credited to David Puell [1], tracks how much that output is worth relative to its yearly norm. The red line sits at 4 and the green one at 0.5, the bands usually read as top and bottom territory.
Our series shows every cycle peak landing lower than the last one: 10.39 on 9 April 2013, 6.53 on 17 December 2017, 3.47 on 19 February 2021 and 2.43 on 11 March 2024. The lows have stayed put: 0.31 in January 2015 and again in December 2018, 0.35 in June 2022, and 0.51 on 3 June 2026. Anyone who waited for a reading of 4 to call the last two tops is still waiting.
We take each day's issuance in BTC, multiply it by that day's closing price, and divide by the average of the same dollar figure over the trailing 365 days, the current day included. Issuance is Coin Metrics' IssTotNtv metric [2], stored daily in our own database; the price is our daily close series, sourced from Blockchain.com [3]. It is the same number the NodeWitness Score shows as context. The chart starts in January 2012, the first day with a full year behind it for the average.
A halving cuts issuance in half overnight, and a 365-day average needs a full year to catch up. On 19 April 2024 the multiple read 1.68; on 20 April, halving day, it read 0.75, while the price went from $63,824 to $64,992. Only new issuance counts here, not fees, which matter more after every halving. Coin Metrics publishes with a one-day lag, so the latest point is usually yesterday's. For the other side of mining, raw computing power, see the hashrate and difficulty chart.
Why mining economics make this metric work, how to read its bands, and how we check bottom signals against the hash ribbon from our own node are covered in our Puell Multiple guide.
To see how it fits with the other cycle indicators, open the NodeWitness Score.