On-chain data shows that Bitcoin’s Puell Multiple has recently declined, signaling that miner revenue has decreased relative to its historical baseline.

The Puell Multiple is a key on-chain indicator that measures the ratio between daily BTC mining revenue (in USD) and its 365-day moving average (MA). The metric focuses primarily on block subsidies, the fixed BTC rewards miners receive for validating blocks.

• Above 1: Miners are earning more than the past year’s average.
• Below 1: Miners earn less than usual.

Analyst Ali Martinez noted that the Puell Multiple has dropped to 0.67, meaning miners are currently earning only 67% of their average revenue over the last year. This decline largely reflects Bitcoin’s recent bearish price action, as the USD value of block subsidies depends on BTC’s spot price.

Historically, major Bitcoin market bottoms have often coincided with the Puell Multiple falling below 0.50, suggesting that while miner revenue is under pressure, the current drop may not yet signal a full market bottom.

Meanwhile, Bitcoin price continues to hover around $91,600, showing resilience despite reduced miner income.