ONCHAIN On-Chain · Updated February 2026 · ~4 min · For TradingView desktop 3.2.1
Puell Multiple & Miner Behavior: Hashrate, Difficulty and Sell Pressure
Miners are Bitcoin's constant sellers (they pay electricity). Their revenue and behavior make a good cycle thermometer, and the Puell Multiple is the most common one.
The Puell Multiple
Puell = daily miner issuance in USD ÷ its 365-day average. It gauges how hot/cold miner revenue is versus history:
- Puell very low: miner revenue dried up, some shut down (miner capitulation) — historically near cycle bottoms;
- Puell very high: miner revenue surging, heavy sell pressure — near cycle-top territory.
Hashrate and difficulty
Hashrate reflects mining investment; difficulty adjusts roughly every two weeks to keep block times steady. A large difficulty drop often accompanies miner capitulation (shutdowns) — historically a pressure-release, near-bottom signal. Post-halving, miner revenue halves and the sell-pressure structure shifts.
Tip: miner metrics are a supply-side view; cross-read with demand-side stablecoin reserves and valuation-side NUPL. Don't time with a single on-chain metric.