A strong Puell Multiple index indicates that mining profitability is above the annual average, meaning miners are cashing out their Bitcoin to maximize revenue. Therefore, a high Puell Multiple typically occurs at price peaks; conversely, a low Puell Multiple indicates that miners are currently less profitable than the annual average. This also means that miners with revenue below cost will face the risk of closure, ceding market share to more competitive miners. The elimination of these miners reduces selling pressure on Bitcoin.
June 22, 2026 6.5K
