Who secures the network — and what it costs them.
Miners spend real money on hardware and electricity to add blocks. Their revenue is the new BTC they earn — which the halving cuts in half — so mining economics quietly shape how much selling pressure hits the market across the cycle.
Puell Multiple — are miners over- or under-paid?
Daily miner revenue divided by its 365-day average. High readings mean miners are earning far more than usual (historically late-cycle); low readings mean revenue is squeezed (historically near lows).
Bitcoin currently trades 20% above its estimated mining cost ($68.27K, electricity-only estimate). Estimated Mining Cost →
Puell Multiple · cycle 5
More miner data coming
Hash ribbons (hashrate moving averages), miner reserves and difficulty history need a historical hashrate / on-chain miner source we haven't wired yet. We show the live hashrate snapshot and the Puell Multiple now, and will switch the rest on once a source is connected — no estimated figures in the meantime.