YavuzAkbay2026-11-04

Bitcoin Miner Revenue Falls to Lowest Level Since September

Bitcoin's Puell Multiplier dropped to 0.89 on November 2. Reaching its lowest level since September 19th, the multiplier's 7 day average also fell from 1.11 to 1.00 in a week which is a 10% decrease. As you know, the Puell Multiplier compares miners' current earnings to their annual average. A value of 1.00 means miners are earning as much as they typically do. Since the block reward is fixed, this metric mostly shows how far below the annual average the price is. While the drop seems sharp, it's actually small in the overall context. In 2026, this metric fell below 0.60 for 11 days (February, April, June, and July), with the lowest level reaching 0.54 on June 7th. Today's 0.97 is far from that level. It has remained between 0.89 and 1.30 since August 24th and is currently in the lower half of that range. In summary it can be said that miners are earning less, but they are not being forced to sell. It would be more accurate to interpret this not as a signal of surrender, but as a normal cooling off following a strong rise. A drop below 0.89 will break the post-August range. The 30-day moving average falling below the 60-day moving average would be the first such crossover since June.