Hash Price
Daily revenue per TH/s
- Source
- mempool.space
What this measures
Hashprice estimates what 1 terahash per second (TH/s) of computing power earns each day, in dollars. It is gross revenue, not profit: electricity, hardware and pool fees are not deducted. Here it is calculated from mempool.space data and the bitcoin price: the average reward per block (subsidy plus fees), multiplied by the 144 blocks produced on average each day and by the price, then divided by the network’s total hashrate.
How to read it
Hashprice depends on 4 variables: price, subsidy, transaction fees and the total power competing for blocks. At a constant price, every increase in difficulty therefore pushes hashprice down.
To estimate a machine’s gross revenue, multiply hashprice by its power in TH/s. Comparing that with its electricity bill takes another figure, its efficiency in joules per terahash (J/TH). That is what separates a profitable machine from one that should be unplugged.
Two traps to avoid. Hashprice inherits the noise of the hashrate estimate, so day-to-day moves often mean very little. And because it is denominated in dollars, a rising price can hide revenue that is shrinking in bitcoin terms.
A gauge of the pressure on miners
Measured in bitcoin, hashprice tends to erode over time. The subsidy halves every 210,000 blocks, roughly every 4 years, and ever more efficient machines push hashrate higher. The April 2024 halving, from 6.25 to 3.125 BTC, cut the subsidy-driven part of hashprice in half in one go: only price and fees could make up for it.
When hashprice falls, operators paying the most for electricity or running the oldest machines are the first to shut down. That pressure pushes mining toward the cheapest energy, often surplus or stranded, and toward players with access to cheap capital.
To cover their costs, many miners sell part of their bitcoin as they go. Miner revenue in BTC and the share of fees in block rewards show where that money comes from.
Nothing yet says fees will be enough to offset the shrinking subsidy. This chart is where, halving after halving, the real cost of Bitcoin’s security will show up, along with who can still afford to pay it.