Bitcoinās Puell Multiple climbs back above 1.00, per CryptoQuant
CryptoQuant data shows the miner revenue gauge back above its key threshold, with analysts eyeing 2.00 as the next benchmark
Bitcoin miners finally have something to smile about. The Puell Multiple, a closely watched gauge of miner revenue, has pushed back above 1.00, according to CryptoQuant.
The 7-day moving average of the metric crossed that line around October 4, 2026. That reading marks an 11-month high, and CryptoQuant framed it as a possible reversal that could carry the metric toward 2.00.
The numbers behind the move
CryptoQuant first flagged the crossover on October 4, 2026. Data from October 4 and 5 put the Puell Multiple at approximately 1.07.
That figure sits just under a recent peak. The metric touched 1.08 on September 22, 2026, then settled at 1.05 by the end of that month before edging back up.
The path to get here was not pretty. The Puell Multiple opened 2026 at 0.86 and kept sliding. It bottomed at 0.64 on February 24, a level associated with real strain on mining operations.
The metric had stayed below 1.00 since approximately November 2025. Research findings describe this as the first move above the threshold in nearly ten months, which caps off a long stretch that analysts characterize as an accumulation phase.
A metric built for miners
The Puell Multiple was created by analyst David Puell in 2019. It has since become one of the more widely used tools for tracking miner profitability.
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The formula is simple. Take the daily US dollar value of newly issued Bitcoin, then divide it by the 365-day average of that same value.
Historically, readings well below 1.0 have lined up with miner capitulation and market lows. Sustained readings above 1.00, by contrast, have been linked to recovery and uptrends, with 2.00 viewed as a primary benchmark for the next leg.
What this means for the market
A Puell Multiple above 1.00 suggests daily revenue from issuance is now running ahead of its trailing yearly average. That gives operators more breathing room on costs and less pressure to sell holdings just to keep the lights on.
CryptoQuant’s read is that the market may be transitioning out of a discount phase. If the metric holds above 1.00 and trends toward 2.00, that could support the case for a new bullish phase.
A few caveats deserve attention. First, the margin is slim. A reading of approximately 1.07 is barely above the threshold, and the metric already slipped from 1.08 to 1.05 within a matter of days in late September. One rough week for prices could push it back under.
Second, the signal is about sustainability rather than a single crossover. Historically, it is persistent readings above 1.00 that have been associated with recoveries.
For those tracking the trend, the milestones are clear. The first is whether the 7-day average can stay above 1.00 through October and beyond. The second is whether it can clear the September 22 peak of 1.08 with any conviction. The longer-term marker is 2.00, the level CryptoQuant identified as the initial target if the reversal holds.
The metric started 2026 at 0.86, sank to 0.64 by late February, and has spent the months since grinding higher. For now, the data says miners are earning more than their recent average for the first time in roughly eleven months.