Bitcoin Puell Multiple Reclaims 1.00 Level as Miner Revenue Improves
The Puell Multiple has climbed back above 1.00 for the first time in nearly ten months, signaling a potential shift in miner profitability and market sentiment.
Bitcoin miners are seeing a shift in revenue dynamics as the Puell Multiple, a key metric for tracking miner profitability, has pushed back above the 1.00 threshold. According to data from CryptoQuant, the 7-day moving average of the gauge crossed this level on October 4, 2026.
The reading of approximately 1.07 marks an 11-month high for the metric. This move follows a prolonged period of pressure on mining operations, with the Puell Multiple having remained below 1.00 since approximately November 2025. The indicator previously bottomed out at 0.64 on February 24, 2026, after starting the year at 0.86.
Created by David Puell in 2019, the metric is calculated by dividing the daily US dollar value of newly issued Bitcoin by the 365-day moving average of that same value. Historically, readings below 1.00 have been associated with miner capitulation and market lows, while sustained levels above 1.00 are often linked to market recoveries and uptrends.
A reading above 1.00 indicates that daily issuance revenue is currently outpacing the trailing yearly average. This provides miners with increased operational flexibility and reduces the immediate sell pressure often required to cover costs. CryptoQuant suggests this transition could signal the end of a discount phase, with analysts now looking toward 2.00 as a potential benchmark for a stronger bullish trend.
Despite the positive crossover, the margin remains narrow. The metric previously reached 1.08 on September 22, 2026, before dipping to 1.05 by the end of the month. Given this volatility, market observers are focused on whether the 7-day average can maintain its position above 1.00 throughout October and eventually clear the 1.08 peak with conviction.
