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Puell Multiple, Revenue
The ratio of the USD value of miner revenue during the period to the 365-day moving average of the USD value of miner revenue.
- Computed as RevUSD/ma365(RevUSD)
- Released in the version 4.9 of Network Data Pro
The Puell Multiple provides insight into market cycles from a mining revenue perspective. Because miners are sometimes considered compulsory sellers given their fixed costs (e.g., equipment, electricity), this metric provides insight into the supply side of a cryptoasset's economy. The idea being, that periods where the Puell Multiple is extremely low could be buying opportunities for investors, and periods where it is extremely high could indicate a profit-taking/selling opportunities.