After the Fed rate decision announced yesterday, Bitcoin exceeded $ 24,000. Investors BTC’waiting for further increase bitcoin used for miners Puell Multiple indicator started to rise.
bitcoin The Puell Multiple indicator, which is used to evaluate the status of miners, is calculated by dividing the average daily Bitcoin mining revenue by the average daily electricity cost.
When the Puell Multiple indicator is higher than 1, Bitcoin miners are working with profit, while a value lower than 1 means miners are working with loss.
In this context Philip Swift, founder of Lookintobitcoin.comNoting that the Puell Multiple indicator rose after 191 days, he said that this indicates relief for miners:
“Puell Multiple shows the final relief for Bitcoin miners.
After 191 days in the capitulation zone, the Puell Multiple indicator rose.
This means increased revenue for miners and possibly reduced selling pressure.
These are also indicators of relief for miners.”
The Puell Multiple shows recent relief for #bitcoins minerals.
After 191 days in capitulation zone, the Puell Multiple has rallied. Showing relief for miners via increased revenue and likely reduced sell pressure.
Free live chart: https://t.co/G9HDcNLL9T pic.twitter.com/MBRef5fZIE
— Philip Swift (@PositiveCrypto) February 2, 2023
Since the rise in Puell Multiple means an increase in miners’ income, this will help reduce the sales pressures on miners as well as bitcoin It means that miners can now breathe a sigh of relief after the challenging 2022 year.
In this context, Bitcoin miners stop selling. bitcoin It is expected to have a positive impact on the price.
At the same time, the increase in the Puell Multiple indicator was experienced before the bull seasons.
*Not investment advice.