Bitcoin Miners See Relief as Puell Multiple Climbs Above 1.00

Bitcoin miners are seeing a positive shift, as the Puell Multiple, a key indicator of miner revenue, has climbed back above 1.00. According to CryptoQuant, the 7-day moving average of this metric crossed the threshold around October 4, 2026, marking an 11-month high and potentially signaling a reversal toward 2.00.

The Puell Multiple registered approximately 1.07 on October 4 and 5, 2026, just below its recent peak of 1.08 on September 22, 2026. After dipping to 1.05 by the end of September, the metric has shown a gradual upward trend. This recovery follows a challenging period, with the metric bottoming at 0.64 on February 24, 2026, reflecting significant strain on mining operations.

The Puell Multiple, created by analyst David Puell in 2019, compares daily Bitcoin issuance revenue in USD to its 365-day average. Readings below 1.00 historically align with miner capitulation, while sustained readings above 1.00 suggest recovery and uptrends. CryptoQuant suggests this crossover could mark a transition from a discount phase to a potential bullish phase, though caution is advised due to the slim margin above 1.00.

For the trend to hold, the 7-day average must stay above 1.00 through October and beyond, and ideally surpass the September 22 peak of 1.08. The long-term target is 2.00, which would further solidify the reversal. For now, miners are earning more than their recent average for the first time in roughly eleven months.