# 皮勒乘數｜Puell Multiple

## 指標概念

皮勒乘數考量了**採礦盈利能力的基本面以及塑造市場週期的方式**，它是通過將每日硬幣發行量（以美元計）與每日硬幣發行量（以美元計）的 365 日移動平均線的比率來計算的。

皮勒乘數的解釋如下： 較高值的皮勒乘數表明當前礦工的盈利能力高於年度平均水平。因此，礦工清算其部位的動機很高，預計可能會有更大的拋售壓力。 

低值表示當前礦工的盈利能力低於年度平均水平。因此，收入壓力可能成為一個因素，一些礦工可能需要通過關閉鑽機來開始降低算力。這增加了剩餘礦工的哈希率，然後他們可以出售更少的代幣來覆蓋他們的運營，從而減少他們對流動性供應的影響。

![圖片來源：glassnode](https://lh6.googleusercontent.com/B3CLakI1xZTpOOTcDf2KDIHL-fgPPWKIAJop8Vy1qFwtxT6_iH51EXnYNRnr8c9VXXnFzm3KUxYYf0NYiQPFKOrSGmtC2jEoN9OuHEcE8Px2gL0GixU2v-wD1dK5sUkB3tsRfDby)

## 指標如何衡量、計算？

![](/files/dI67Zrpbz7kSbGUm10cv)


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