Que es el Puell Multiple?
The Puell Multiple is an on-chain indicator that measures the ratio between daily miner revenue (in USD) and the 365-day moving average of daily miner revenue. It was created by David Puell and later popularized through Glassnode, one of the leading on-chain analytics platforms.
The formula is straightforward: Puell Multiple = Daily Miner Revenue (USD) / 365-Day Moving Average of Daily Miner Revenue (USD). Miner revenue includes both block rewards (newly minted BTC) and transaction fees. Since all of this data lives on the Bitcoin blockchain, it is fully transparent and verifiable.
In simple terms: the Puell Multiple tells you whether miners are earning significantly more or less than their yearly average. A value of 1.0 means miners are earning exactly their yearly average. Below 1.0, they are earning less. Above 1.0, they are earning more.
Por que importan los ingresos de los mineros? Los mineros son la columna vertebral de la seguridad de Bitcoin. Cuando sus ingresos caen significativamente por debajo del promedio anual, señala estres economico - algunos mineros pueden cerrar operaciones, reducir hash rate o vender sus reservas de BTC para cubrir costos. Estas son condiciones que históricamente coinciden con fondos de ciclo.
Como Leer el Puell Multiple - Tres Zonas
El Puell Multiple se divide en tres zonas basadas en el comportamiento histórico. Estos umbrales han sido validados a traves de cada ciclo de Bitcoin desde 2010:
Los mineros ganan menos de la mitad de su promedio anual. Estres economico severo - algunos mineros capitulan y venden reservas. Historicamente, esta zona ha coincidido con cada fondo importante de ciclo. Lecturas extremadamente raras.
Los mineros ganan dentro de un rango normal relativo a su promedio anual. Sin señal extrema. La mayor parte del tiempo, el Puell Multiple se encuentra en esta zona durante condiciones de mercado saludables.
Los mineros ganan 4x o mas por encima de su promedio anual. Euforia - rentabilidad extrema atrae exceso de presión de venta de mineros tomando ganancias. Historicamente, esta zona ha coincidido con los techos de ciclo.
Today's reading: Puell Multiple 0.530 - just above the green zone threshold. Miners are earning only 53% of their yearly average, indicating significant revenue pressure. This is the type of condition that has historically aligned with accumulation zones.
Puell Multiple en los Ciclos de Bitcoin - Datos Históricos
El Puell Multiple ha rastreado cada extremo importante de ciclo de Bitcoin desde 2010. Aqui estan las lecturas en momentos clave - todos de datos reales a lo largo de 5,986 puntos de datos diarios:
| Fecha | Puell Multiple | Zona | Contexto |
|---|---|---|---|
| Dec 2017 | 6.312 | ROJO - TECHO EXTREMO | ATH - mineros ganando 6.3x sobre su promedio anual |
| Dec 2018 | 0.304 | VERDE - FONDO PROFUNDO | Fondo del bear market - mineros apenas rentables |
| Mar 2020 | 0.525 | VERDE - ZONA DE FONDO | Crash COVID - venta masiva en todos los mercados |
| Apr 2021 | 3.223 | NEUTRAL - SOBRECALENTADO | Techo local - mineros ganando 3.2x sobre el promedio |
| Nov 2021 | 1.642 | NEUTRAL - TECHO DE CICLO | ATH - pico más bajo que 2017 (rendimientos decrecientes) |
| Jun 2022 | 0.428 | VERDE - FONDO PROFUNDO | Crash Luna/Terra - capitulación de mineros |
| Nov 2022 | 0.466 | VERDE - FONDO PROFUNDO | Colapso FTX - contagio generalizado |
| Oct 2025 | 1.125 | NEUTRAL - TECHO MODERADO | ATH - euforia moderada de mineros |
| Jun 3, 2026 | 0.530 | ZONA DE FONDO | ACTUAL - mineros bajo presión |
Fuentes: Glassnode, base de datos NeverHodl (5,986 datos desde 2010)Key insight: the Puell Multiple peak has been declining each cycle. December 2017 hit 6.312. November 2021 peaked at only 1.642. October 2025 reached just 1.125. This pattern of diminishing peaks reflects Bitcoin's maturing market structure - each cycle produces less extreme miner euphoria as the market grows.
Puell Multiple + NHCI - Como Funcionan Juntos
NeverHodl uses the Puell Multiple as one of 37 indicators in the BTC NHCI Score. The Puell Multiple falls under the on-chain/mining category - it captures miner economic health, which is a fundamentally different dimension from price momentum (RSI), holder behavior (SOPR), or market sentiment (Fear & Greed).
The power of the NHCI is in multi-signal confluence. When the Puell Multiple is in the bottom zone AND other on-chain, technical, and sentiment indicators confirm the same signal - the confidence increases dramatically. Right now, the Puell Multiple at 0.530 is confirming what other indicators are also showing: the market is in a bottom zone.
When multiple independent indicators all point to the same condition simultaneously, the probability of a meaningful reading increases. This is the core principle behind the NHCI: no single indicator drives the score. All 37 must be evaluated together.
El Puell Multiple es solo uno de 37 indicadores. Ve todos ellos - en vivo, actualizados cada hora - en el Dashboard de NeverHodl. Sin cuenta requerida.
Ver Dashboard en Vivo →Lectura Actual: 0.530 - Que Significa
At 0.530, the Puell Multiple is telling us that Bitcoin miners are earning only 53% of their 365-day average revenue. This places the current reading just above the green zone threshold of 0.5 - a level that has historically marked accumulation opportunities.
Para dar contexto, asi es como la lectura actual se compara con lecturas anteriores de zona de fondo:
El Puell Multiple actual de 0.530 es comparable con la lectura del crash COVID de marzo 2020 de 0.525. Ambas lecturas reflejan una compresión severa de los ingresos de los mineros. Los datos muestran un patron claro: cada vez que el Puell Multiple se acerco o entro en la zona verde, una recuperación significativa siguio - aunque el timing vario de semanas a meses.
The data shows the pattern. What happens next is not guaranteed. The Puell Multiple identifies conditions - not timing. It tells you that miners are under stress, not when the stress will end. Historical correlation is not causation, and past performance does not guarantee future results.
Limitaciones del Puell Multiple
El Puell Multiple es una metrica on-chain valiosa, pero tiene limitaciones importantes:
- Halvings distort the signal. Bitcoin's block reward halving events (2012, 2016, 2020, 2024) cut daily miner revenue in half overnight. This creates a temporary artificial drop in the Puell Multiple that is not driven by market conditions but by protocol mechanics. The 365-day average takes months to adjust.
- The indicator can stay depressed for months. During prolonged bear markets, the Puell Multiple can remain near or below 0.5 for extended periods. It identifies a zone, not a precise turning point.
- Diminishing cycle peaks change the thresholds. The Dec 2017 peak hit 6.312 but the Nov 2021 peak was only 1.642. The traditional >4.0 red zone may become less relevant as Bitcoin matures. Future cycles may require adjusted thresholds.
- Never use a single indicator. The Puell Multiple captures one dimension - miner economics. It does not account for momentum, sentiment, macroeconomic conditions, or holder behavior. This is exactly why the NHCI aggregates 37 indicators across 6 categories.
Preguntas Frecuentes
Que significa un Puell Multiple de 0.53 para Bitcoin?
Un Puell Multiple de 0.53 significa que los mineros de Bitcoin actualmente ganan solo el 53% de sus ingresos promedio de 365 dias. Esto indica que los mineros estan bajo una presión economica significativa - operando cerca o por debajo de los umbrales de rentabilidad. Historicamente, las lecturas del Puell Multiple por debajo de 0.5 han coincidido con fondos importantes de ciclo (dic 2018 en 0.304, jun 2022 en 0.428, nov 2022 en 0.466). Una lectura de 0.53 se situa justo por encima de la zona de fondo profundo, señalando que el estres de ingresos de los mineros esta elevado pero aun no ha alcanzado los niveles de capitulación extrema vistos en bear markets anteriores.
Es un Puell Multiple bajo una señal de compra?
A low Puell Multiple is a bottom-zone signal, not a buy signal. There is a critical difference. When the Puell Multiple drops below 0.5, it indicates miner revenue is severely depressed relative to the yearly average - a condition historically associated with cycle bottoms. However, the indicator can remain in the bottom zone for weeks or months before a recovery materializes. The most reliable approach is combining the Puell Multiple with other indicators - such as MVRV, SOPR, RSI, and sentiment data - to confirm whether depressed miner revenue aligns with broader cycle positioning. The NeverHodl NHCI Score does exactly this, aggregating the Puell Multiple with 36 other indicators.
Como usa NeverHodl el Puell Multiple?
NeverHodl incorpora el Puell Multiple como uno de 37 indicadores on-chain, tecnicos y macroeconomicos en el NHCI Score. El Puell Multiple pertenece a la categoria on-chain/mineria. En lugar de actuar solo con el Puell Multiple, el motor NHCI normaliza el Puell Multiple junto con indicadores como MVRV, SOPR, RSI, Fear & Greed, funding rates y datos de liquidez macro para producir un único score compuesto de 0-100. Cuando multiples indicadores confirman la misma señal - la confianza en la lectura aumenta significativamente.
Quien creo el Puell Multiple?
The Puell Multiple was created by David Puell, a crypto analyst and researcher. It was later popularized and made widely accessible through Glassnode, a leading on-chain analytics platform. The indicator leverages the transparency of the Bitcoin blockchain - since all miner revenue (block rewards + transaction fees) is publicly verifiable - to create a reliable measure of miner economic health relative to historical norms. NeverHodl tracks the Puell Multiple using data going back to 2010, comprising over 5,986 daily data points.
Metodologia → · API en Vivo → · Atribución de Datos →
Disclaimer: This is educational content based on publicly available data, not financial advice. NeverHodl™ does not recommend buying or selling any asset. The NHCI Score is an analytical tool - not a trading signal. The Puell Multiple is an on-chain indicator that measures miner revenue dynamics, not a prediction of future price. Always do your own research (DYOR). Past performance does not guarantee future results.