Puell Multiple is a specific Trading coordinate in the Bitcoin knowledge graph. In practical terms, it identifies the subject described here: Daily miner issuance value divided by its long-term moving average, used to study miner revenue cycles. This definition is narrower than promotional usage and should be read together with the implementation, date and evidence attached to the entry.
Puell Multiple is best understood as part of a system rather than as an isolated definition. Its related coordinates show the mechanisms, incentives and historical records that give the term practical meaning.
Puell Multiple describes how participants value, trade or obtain exposure to bitcoin. Market behavior can affect adoption and mining economics, but it does not rewrite consensus rules. Price evidence and protocol evidence answer different questions.
Understanding Puell Multiple helps distinguish a verifiable Bitcoin mechanism or historical record from slogans, products and market narratives.
Primary or authoritative records make these details checkable: the Puell Multiple divides the daily fiat value of newly issued bitcoin by a moving average of that value; exact issuance, price source, window and provider revisions determine the series. They should be verified before using the coordinate in analysis.
The practical limit is: miner revenue is not miner profit, selling pressure or valuation, and historical bands are not protocol thresholds; fees, costs, hedging, treasury and structural changes matter. A definition, office, chart pattern or published claim is not by itself a prediction or Bitcoin consensus rule.
For the clearest picture, read this entry together with On-chain analysis, Mining, Block Subsidy, Moving average, Bitcoin.