Bitcoin Miners Receive Relief as Puell Multiple Rallies
After 191 days in capitulation zone, bitcoin miners have received some relief as the Puell Multiple rallies, indicating increased revenue and reduced sell pressure which should help stabilize prices going forward.
Feb. 02, 2023 6:37AM
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A graph showing the recent rally in the Puell Multiple with a caption saying "Relief for Bitcoin Miners".
After a long period of capitulation, the Puell Multiple has finally rallied, bringing relief to bitcoin miners. The Puell Multiple is an indicator that measures miner revenue against the number of bitcoins mined. When it falls below 1.0, it means that miners are not making enough money to cover their costs and they are forced to sell their coins in order to stay afloat. This puts downward pressure on the price of bitcoin and can lead to further capitulation if it continues for too long. The recent rally in the Puell Multiple is a sign that miners have been able to increase their revenue and reduce their selling pressure, which should help stabilize the price of bitcoin. This could be due to increased demand from institutional investors or other factors such as halving events or more efficient mining operations. Whatever the cause may be, this is welcome news for miners who have been struggling with low prices for months now. The Puell Multiple chart can be found at https://t.co/G9HDcNLL9T and more information about how it works can be found at https://t.co/MBRef5fZIE .