Miner Revenue


  • Puell Multiple, Revenue

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.


Puell Multiple, Revenue



365 days


  • Computed as RevUSD/ma365(RevUSD)

Release History

  • 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.

See Also

  • Puell Multiple, Coinbase Issuance

  • Puell Multiple, Total Issuance

Availability for Assets

API Endpoints

Miner Revenue metrics can be accessed using these endpoints:

  • timeseries/asset-metrics

and by passing in the metric ID's PuellMulRev* in the metrics parameter.

curl --compressed "https://api.coinmetrics.io/v4/timeseries/asset-metrics?metrics=PuellMulRev&assets=btc&pretty=true&api_key=<your_key>"

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