Miner Metrics: Puell Multiple, Hash Ribbons and Miner Flows
Indicators based on Bitcoin miners. The Puell Multiple divides daily miner revenue by its 365-day average; hash ribbons compare short and long moving averages of hash rate to flag miner capitulation; miner reserves and outflows estimate how much miners hold and sell.
Miner metrics track what Bitcoin miners earn, how much computing power they run and how many coins they sell. Because miners must sell to pay bills, their stress or comfort can hint at selling pressure in the market.
- Category
- Cryptocurrency and Blockchain
- Reading time
- 3 min
- Also called
- Puell Multiple, Hash Ribbons, Miner outflows
- Updated
Miner metrics in plain words
Miners earn block rewards plus fees, and most must sell part of their coins regularly to pay their costs.1
When hash rate leaves, difficulty drops and revenue per unit of hash rate rises; when hash rate grows, the reverse happens.2
Galaxy notes hash-based models like difficulty ribbons only work because Bitcoin uses proof of work.3
How to read miner metrics
Get daily miner revenue
Add block subsidy and fees in USD.1
Puell Multiple
Divide today's revenue by its 365-day average.
Hash rate averages
Compare 30-day and 60-day hash rate averages for hash ribbons.
Know the difficulty cycle
Every 2,016 blocks the network recalculates difficulty from block timestamps.4
Watch miner flows
Estimate coins moving from miner wallets; miners sell to cover costs.1
Use as context
Treat these as reference points, not price predictions.3
Worked examples
Example 1 — Puell Multiple
Puell 1.5Hypothetically daily miner revenue is $60M and its 365-day average is $40M.
| Puell Multiple | $60M ÷ $40M = 1.5 |
Revenue well above average gives miners room to sell, since they constantly sell part of what they earn.1
Example 2 — Hash ribbon cross
Capitulation phaseHypothetically the 30-day hash rate average is 900 EH/s and the 60-day is 950 EH/s.
| Gap | 900 − 950 = −50 EH/s |
| Signal | Short below long: capitulation |
Falling hashrate lowers difficulty and lifts hashprice for the miners who remain.2
Example 3 — Revenue after a halving
−50%Hypothetically a miner earns 0.0008 BTC per PH/s per day and the subsidy is cut in half with fees flat at near zero.
| New revenue | 0.0008 × 0.5 = 0.0004 BTC |
| Change | −50% |
Revenue is subsidy plus fees, so a halved subsidy hits miners directly.1
Puell Multiple vs Hash Ribbons
| Aspect | Puell Multiple | Hash Ribbons |
|---|---|---|
| Input | Miner revenue in USD | Hash rate |
| Formula | Daily ÷ 365-day average | 30-day vs 60-day average |
| Signals | Miner income stress or comfort | Capitulation and recovery |
| Affected by halving | Yes, drops sharply | Indirectly |
How traders use miner metrics
Cycle context
Add miner stress to Bull Market and Bear Market reads.
Supply pressure
Gauge likely selling alongside Volume.
Long horizons
Inform Position Trading and Dollar-Cost Averaging.
Indicator mix
Combine with other Leading and Lagging Indicators.
Advantages and disadvantages
Advantages
- Grounded in miners' real costs.
- Simple ratios to calculate.
- Hash-based data is public on chain.
Disadvantages
- Wallet labels for miner flows are estimates.
- Halvings distort revenue ratios.
- Few cycles to test against.
- Not reliable for exact price timing.
Going deeper
Read as far as you need. Each level builds on the one before it.
Miners must sell
Beginner
Mining has historically performed like a commodity industry, so many miners sell coins to pay for power and hardware.1
Difficulty feedback
Intermediate
Difficulty adjusts to keep blocks arriving at a steady pace, so a fall in hash rate is followed by easier mining.5
Limits
Advanced
On-chain indicators like these can mark rough highs and lows, but they are not precise enough to forecast market moves.3
Common mistakes
Ignoring halvings
A halving drops the Puell Multiple overnight.
Treating flows as exact
Miner wallet tagging is an estimate.
Trading one signal
Hash ribbons can give false alarms.
Mixing data sources
Providers compute averages differently.
Check your understanding
Test yourself before moving on. Each answer comes with an explanation.
Key points to remember
- Miner revenue is subsidy plus fees.
- Puell = daily revenue ÷ 365-day average.
- Hash ribbons compare 30- and 60-day hash rate.
- Miner flows estimate selling.
- Use them as context, not timing tools.
Frequently asked questions
What is a low Puell Multiple?
Do hash ribbons predict bottoms?
Where do miner flow numbers come from?
Further learning
- Leading and Lagging Indicators
Where miner signals fit.
- Fundamental Analysis
On-chain data in research.
- Dollar-Cost Averaging
Using cycle signals patiently.
- Bear Market
When capitulation tends to show.
Sources
This article is written in our own words. The sources below support the specific facts, rules and figures marked with a number in the text. Links open the original publisher’s page.
- Coin Metrics. The Coin Metrics Bitcoin On-Chain Indicators Primer (opens in a new tab) Checked .
- Hashrate Index (Luxor). The Halving Since The Halving: Growing Bitcoin Network Difficulty (opens in a new tab) Checked .
- Galaxy Digital Research. Introduction to On-Chain Analysis (opens in a new tab) Checked .
- Bitcoin Developers (bitcoindevelopers.org). Block Chain developer guide (opens in a new tab) Checked .
- Satoshi Nakamoto. Bitcoin: A Peer-to-Peer Electronic Cash System (opens in a new tab) Checked .
Educational content, not financial advice. Examples use hypothetical prices and simplified costs; actual fees, margin rules and regulations vary by broker, market and country. We are not affiliated with any publisher linked above. Last reviewed . Report an error or request a source credit.