MinersLive-derived
Who secures the network — and what it costs them.
Miners spend real money on hardware and electricity to add blocks. Their revenue is the new BTC they earn — which the halving cuts in half — so mining economics quietly shape how much selling pressure hits the market across the cycle.
Updated 18 Jul 2026, 05:30 UTC
Network hashrate
887EH/s
24h average — the security budget
Block reward
3.125BTC
→ 1.5625 at next halving
New BTC / day
450BTC
total miner issuance
Miner revenue / day
$28.76M
≈ $10.50B / yr from issuance
Puell Multiple — are miners over- or under-paid?
Daily miner revenue divided by its 365-day average. High readings mean miners are earning far more than usual (historically late-cycle); low readings mean revenue is squeezed (historically near lows).
0.72
Suppressed
Puell Multiple · cycle 5
Current cycle since the 2024 halving — use the range buttons to zoom in.
halvinglens.com · puell multiple
More miner data coming
Hash ribbons (hashrate moving averages), miner reserves and difficulty history need a historical hashrate / on-chain miner source we haven't wired yet. We show the live hashrate snapshot and the Puell Multiple now, and will switch the rest on once a source is connected — no estimated figures in the meantime.