Puell Multiple

The Puell Multiple is a ratio of daily coin issuance (in USD) and the 365 moving average of daily coin issuance.

Indicator Overview

The Puell Multiple examines the fundamentals of mining profitability and the way they shape market cycles. It is a ratio of daily coin issuance (in USD) and the 365 moving average of daily coin issuance.

This metric helps to gauge the market cycles from a mining profitability/compulsory sellers’ perspective.

How is it measured?

The Puell Multiple is calculated by dividing the daily USD value of coin issuance by its 365 day moving average.

$\textrm{Puell Multiple} = \frac{\textrm{Daily Coin Issuance}~{\color{gray}{\textrm{(USD)}}}}{\textrm{MA}_{365}~{\color{gray}{\textrm{(Daily Coin Issuance (USD))}}}}$