BTC Puell Multiple: 0.964
Compares what miners earned today with what they earned on an average day over the past year. Low readings mean miners are being squeezed; high readings mean mining is unusually lucrative.
Miner income in US dollars for the day, divided by the average daily miner income over the previous 365 days. It answers one question: are miners earning more or less than they have grown used to?
For example, 0.4 means miners are earning about 40% of their normal daily income, which happens when the least efficient of them switch machines off. Above 4 means they are taking in four times their usual.
Both extremes are rare — each edge has been touched fewer than ten times in fifteen years — and the reading has now sat in the ordinary middle for 1,354 days straight. It measures miner income against its own year, and nothing else.
In words: work out miners' dollar income for the day — new coins plus fees, valued at that day's price — then divide it by the average of the same number over the previous 365 days.
It assumes a fixed 144 blocks a day rather than the real count, because the upstream block-count feed stopped, and fees missing in a few early years are treated as zero; together these shift the number by under 2%. It describes miner economics, not price.
Our own full BTC price history (btc_price_daily: blockchain.info daily closes, 2010-08 to today, 5800+ points). No external API at request time. Plus real fees_btc from btc_daily where present.
Own compute · full BTC price history 2010+ (no external API)