Hashprice

Hashprice is the single most important unit of measure for a Bitcoin miner's revenue: it expresses how much a given amount of hashrate is expected to earn in a day. It is quoted in USD/TH/s/day (or BTC/TH/s/day for the currency-agnostic version). One terahash of mining power earning, say, $0.05/day means the miner's hashprice is five cents. The term was coined by Luxor Technology in 2019 and is now the industry-standard way to talk about mining economics, the same way an exchange rate translates computing power into cash flow.

What drives it

Hashprice is a function of four variables: the price of bitcoin, total network difficulty, the block subsidy (currently 3.125 BTC after the 2024 halving), and transaction-fee revenue. It rises when bitcoin's price climbs or when mempool fee pressure is heavy, and it falls when more hashrate comes online and difficulty adjusts upward. Critically, hashprice can fall even while BTC rises, if competing hashrate grows faster than price, every miner's slice of the same reward pie shrinks.

Putting it to work: the two-line P&L

Hashprice turns fleet economics into arithmetic anyone can do. Revenue: hashrate × hashprice — a 100 TH/s machine at $0.05/TH/s/day earns $5.00 a day; a small farm of ten earns $50. Cost: efficiency × hashrate gives watts, watts × 24 gives daily kWh, kWh × your rate gives dollars. A 100 TH/s unit at 30 J/TH draws 3 kW, or 72 kWh/day — $5.04 at $0.07/kWh. In that example the machine is at break-even, and the sensitivity is brutal: a cent of hashprice or a cent of power price swings it decisively either way. This is why operators track hashprice daily rather than BTC price alone, and why the same machine can be a money-printer in one garage and scrap in another.

BTC-denominated hashprice and the long grind

The USD quote hides a second signal. Hashprice denominated in BTC declines almost relentlessly over time — every difficulty increase and every halving shrinks the satoshis earned per terahash — while USD hashprice can rise whenever bitcoin's price outruns difficulty growth. The two views answer different questions: BTC hashprice tells you how fast your hardware's share of the network is eroding (and thus how long a machine stays relevant); USD hashprice tells you whether today's electricity bill gets paid. Halvings cut the subsidy component roughly in half overnight, which is why each one triggers an efficiency purge — machines whose J/TH only made sense at the old hashprice go dark, difficulty relents, and the survivors inherit their share.

Why miners watch it daily

Because hashprice captures revenue per unit of work independent of fleet size, it lets an operator compare a single home rig against an industrial Hashcenter on equal footing. Pairing hashprice with a machine's efficiency (J/TH) and local power cost tells you, at a glance, whether each terahash is making or losing money today — the full worked method is in our mining profitability entry. When hashprice drops below a fleet's all-in production cost for a sustained period, weaker operators are pushed toward shutdown, and firmware-level tuning toward better J/TH becomes the difference between curtailing and continuing. At fleet scale the industry often quotes the same metric per petahash (USD/PH/s/day — a thousand times the TH figure), but the unit is cosmetic; the economics are identical from a single Bitaxe to a warehouse. The number itself is public and updated continuously by several industry data providers, so there is no excuse for running blind.

To translate hashprice into your own situation, combine it with your break-even electricity price and watch the hash ribbon for signs of network-wide stress.

See the live Bitcoin hashprice.