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Miner Revenue

Contents​

  • Puell Multiple, Revenue

Puell Multiple, Revenue​

Definition ​

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.

NameMetricIDUnitInterval
Puell Multiple, RevenuePuellMulRevDimensionless365 days

Details ​

  • Computed as RevUSD/ma365(RevUSD)

Release History ​

  • Released in the version 4.9 of Network Data Pro

Interpretation ​

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 ​

Embedded content

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.

Shell
curl --compressed "https://api.coinmetrics.io/v4/timeseries/asset-metrics?metrics=PuellMulRev&assets=btc&pretty=true&api_key=<your_key>"
Python
import requests
response = requests.get('https://api.coinmetrics.io/v4/timeseries/asset-metrics?metrics=PuellMulRev&assets=btc&pretty=true&api_key=<your_key>').json()
print(response)
Python Client
from coinmetrics.api_client import CoinMetricsClient

api_key = "<API_KEY>"
client = CoinMetricsClient(api_key)

print(
    client.get_asset_metrics(
        metrics="PuellMulRev", 
        assets="btc",
    ).to_dataframe()
)