Puell Multiple

Miners' daily income (new coins × price) divided by its 365-day average.

What it means

High readings mean miners earn far above normal; low readings, often after a halving, mean miners are under pressure.

What to watch

Readings above 4 (past cycle tops) and below 0.5 (past lows), over months, not days.

How Compass-Alpha uses it

Background only; not used in any figure on Compass-Alpha.