Bitcoin Miners Crying into Their Crypto Wallets: Puell Multiple Hits 0.74!

by

Oh, the drama! Bitcoin’s on-chain data is throwing a tantrum, and the Puell Multiple is having a full-blown meltdown. What does this mean for the network? Brace yourselves, folks-it’s about to get Bridget Jones’ diary-level chaotic.

Puell Multiple Plummets to 0.74: Miners Need a Hug (and a Pay Raise)

According to CryptoQuant’s Axel Adler Jr (yes, that’s his real name, and no, he’s not related to the famous violinist), the Bitcoin Puell Multiple has taken a nosedive. For those not fluent in crypto-speak, the “Puell Multiple” is basically the fancy way of saying, “How much are miners making compared to last year?” Spoiler: Not much.

Here’s the tea: Miners “mint” new Bitcoin when they add a block to the blockchain and claim their reward. This reward is their bread and butter-or should we say, their avocado toast and matcha latte. The Puell Multiple compares the daily USD value of these shiny new coins to the 365-day moving average. Think of it as their annual performance review, but with more tears.

If the indicator is above 1, miners are living their best lives. Below 1? They’re basically eating ramen noodles and crying into their crypto wallets. Right now, it’s a solid 0.74, which means they’re earning less than 75% of their usual haul. Ouch.

Here’s the chart that’s making miners question their life choices:

As you can see, the Puell Multiple had a brief moment of glory in mid-2025 (probably when someone said “Bitcoin to the moon!”), but it’s been downhill ever since. Why? Because Bitcoin’s price decided to take a vacation, and miners are left holding the bag-or rather, the empty wallet.

The block subsidy is like a fixed salary, but the USD price of Bitcoin is the wild card. When the price drops, so does miner income. It’s like being on a diet but still expecting to fit into your skinny jeans. Spoiler: It doesn’t work.

Historically, Bitcoin tends to hit rock bottom when miners are at their most stressed. But here’s the kicker: 0.74 isn’t even the lowest it’s been. So, if you’re waiting for the bottom, you might need to grab a snack and settle in. This could take a while.

And let’s not forget the Bitcoin Halving-the crypto equivalent of a surprise party where the guest of honor gets half the cake. Every four years, the block subsidy gets slashed in half, and the Puell Multiple takes a dramatic dive. It’s like a soap opera, but with more math.

BTC Price: Sideways Shuffle Continues

Meanwhile, Bitcoin’s price is doing the sideways shuffle at $62,800. Exciting? No. Predictable? Absolutely. Here’s the visual proof of its uneventful life:

So, what’s next? Will miners start a GoFundMe? Will Bitcoin finally decide which way to go? Only time will tell. Until then, grab your popcorn and enjoy the crypto circus. It’s never boring, that’s for sure.

Read More

2026-06-12 07:11