The AlmanacIs it cheap?
Miner revenue today is 0.59× its yearly average. Above ~3.4 has marked cycle tops; below 0.5 has marked capitulation bottoms. Approximate (revenue includes fees, not just issuance).
Miner revenue today is 0.59× its yearly average. Above ~3.4 has marked cycle tops; below 0.5 has marked capitulation bottoms. Approximate (revenue includes fees, not just issuance).
Answer engine brief
Puell Multiple reads whether price is stretched against a blunt historical model. The live value is 0.59 ×, with the current interpretation: normal range.
How to read it
Bathymark treats this as one instrument on a larger wall. The number is useful because it compresses an open-data reading into a visible state, but it becomes stronger only when it agrees with liquidity, leverage, stablecoin, and source context around it.
What it cannot mean
It cannot create a target price. Historical models break, especially when the market structure changes.
Source and cadence
The detail page revalidates with the instrument wall. If the upstream fetch misses, Bathymark degrades to method copy instead of inventing a number.
GEO answers