Bitcoin hashprice is the expected gross revenue generated by a unit of Bitcoin SHA-256 hashrate over a set period, usually expressed as dollars or BTC per PH/s per day. It turns network-wide mining conditions into one operational benchmark that miners can convert into estimated daily revenue for an ASIC.
Bitcoin hashprice is not profit. It does not deduct electricity, pool fees, hosting, cooling, rejected shares, downtime, repairs, financing, or machine costs. Use it to assess revenue conditions, then compare it with your own costs.
What Is Bitcoin Hashprice?
Bitcoin hashprice measures the expected gross value of one petahash per second of Bitcoin SHA-256 hashrate over one day. The most common units are $/PH/day and BTC/PH/day. It is an expected-value measure of mining revenue, not the exact payout from a particular block, pool, or machine.
The term was popularized by Luxor and Hashrate Index as a way to express mining economics in a single comparable figure. Rather than starting with the changing reward of each block, a miner can ask a simpler question: what revenue is one PH/s expected to earn today?
Live-data check
At retrieval on August 11, 2026, the Hashrate Index data portal displayed Bitcoin hashprice of $31.90/PH/day. This live market metric should be refreshed with the exact date, time, and unit immediately before publication through the Hashrate Index data portal. It is not a forecast or a promised payout.
Hashprice vs Hashrate vs Profit
Hashrate is computing capacity. A machine rated at 200 TH/s can perform approximately 200 trillion SHA-256 hashes each second. Hashprice is the expected revenue attached to that capacity, expressed per unit of hashrate over time.
“Hashrate price” is sometimes used informally for hashprice, but the concepts should not be mixed up:
- Hashrate: the amount of mining capacity, usually TH/s, PH/s, or EH/s.
- Hashprice: expected gross mining revenue per unit of hashrate, such as $/PH/day.
- Miner price: the purchase price of an ASIC, often quoted in $/TH.
- Electricity price: the cost of power, usually $/kWh.
- Hashcost: the operator’s cost per unit of hashrate, which can be compared with hashprice to estimate a margin.
- Profit: revenue after applicable operating and capital costs.
A high hashrate does not guarantee high profit. It only increases exposure to the prevailing Bitcoin mining hashprice.
What Moves Bitcoin Mining Hashprice?
Four variables drive USD hashprice most directly: Bitcoin price, network difficulty, block subsidy, and transaction fees. They interact, so no single variable explains the full revenue environment.
Bitcoin price and block rewards
When the BTC price rises while other conditions remain unchanged, the USD value of mined BTC generally rises, supporting USD per PH per day. A higher share of transaction fees in the block reward can have a similar effect because more BTC is available to miners.
The block subsidy is structurally important. Bitcoin’s April 2024 halving reduced the subsidy from 6.25 BTC to 3.125 BTC per block. All else equal, a smaller subsidy reduces the BTC available to miners and compresses BTC-denominated hashprice.
Difficulty and transaction-fee conditions
Difficulty controls how hard it is for the network to find blocks. When difficulty rises, a fixed share of hashrate generally earns a smaller share of the network’s available rewards, putting downward pressure on hashprice. When difficulty falls, the reverse can occur.
Transaction fees can be volatile. A short-lived fee spike may improve block revenue, but it does not mean future blocks will carry the same fee level. Hashrate Index uses smoothed fee inputs for its index, helping the metric represent expected revenue rather than treating one unusually high-fee block as a permanent condition.
USD Hashprice vs BTC Hashprice
USD hashprice answers a cash-flow question: how many dollars of gross revenue can one PH/s of hashrate be expected to generate per day? It includes the direct effect of BTC/USD conversion. If BTC rises in dollars while other inputs are unchanged, USD hashprice tends to rise.
BTC hashprice measures expected revenue in BTC/PH/day. It removes the direct conversion effect of BTC/USD, but it still changes with difficulty, the block subsidy, and transaction-fee conditions. That makes BTC hashprice useful for miners tracking output in Bitcoin rather than immediate dollar revenue.
The two measures can move differently. BTC-denominated revenue may improve because difficulty falls, while USD-denominated revenue can still fall if BTC loses dollar value. Looking at both helps separate network dilution from market-price exposure.
How Is Hashprice Calculated and Applied to an ASIC?
To estimate a machine’s gross daily revenue, convert its hashrate to PH/s, then multiply it by the current $/PH/day hashprice.
- Convert TH/s to PH/s by dividing by 1,000.
- Multiply the result by the current USD hashprice.
- Treat the result as gross revenue before costs and pool-specific payout differences.
For example, 200 TH/s equals 0.2 PH/s. At a hypothetical hashprice of $35/PH/day:
- 0.2 PH/s × $35/PH/day = about $7/day gross revenue.
A smaller 120 TH/s ASIC equals 0.12 PH/s. At the same hypothetical $35/PH/day:
- 0.12 PH/s × $35/PH/day = about $4.20/day gross revenue.
This is also the quickest way to express Bitcoin miner revenue per TH. Divide $35/PH/day by 1,000 and the equivalent is $0.035/TH/day. Then multiply by a machine’s TH/s rating.
For a machine-specific estimate, use a ViaBTC Mining Calculator and enter current inputs such as price, difficulty, valid hashrate, and applicable fee assumptions. Actual results depend on valid—not nameplate—hashrate and operating conditions.
Hashprice vs Hashcost: Finding the Margin
Hashprice shows gross revenue per unit of hashrate. Hashcost measures the cost of operating that hashrate. Comparing them gives a preliminary view of margin, not a complete financial model.
A serious calculation should account for:
- Electricity consumption and electricity rate.
- Hosting, cooling, and demand-related power charges where relevant.
- Pool fees and the payout method.
- Rejected shares, curtailment, downtime, and maintenance.
- Repairs, labor, financing, depreciation, and ASIC purchase cost.
Instead of predicting hashprice from one reading, test scenarios. Model lower and higher BTC prices, changes in difficulty, the fixed subsidy, and several transaction-fee assumptions. These variables can move together in ways that a single current number cannot capture.
The Post-2024-Halving Context
The post-2024-halving period made the distinction between revenue and profit especially important. With the subsidy at 3.125 BTC per block, fee conditions and difficulty changes have had greater influence on miners’ revenue environment.
Historical-data box: June 2026
June 2026 reporting described low transaction-fee contribution and an average BTC hashprice near 0.00048032 BTC/PH/day. This is a dated historical illustration, not a live value or forecast. Verify the underlying historical source before publication and do not extend a monthly average into the future.
Hashrate Index’s May 2026 review also described a difficult post-halving environment, including low transaction fees and changing difficulty conditions. The lesson is not that one regime will persist, but that USD and BTC revenue measures should both be reviewed alongside cost structure.
How Miners Use Hashprice in Decisions
Bitcoin hashprice gives fleet operators a common unit for comparing machines of different sizes. Once each model’s TH/s is converted to PH/s, the same benchmark can be applied consistently before adding each machine’s power and overhead profile.
Common uses include:
- Comparing expected gross revenue across a fleet.
- Testing whether to curtail inefficient hardware under weaker revenue conditions.
- Reviewing hosting contracts against projected revenue and hashcost.
- Assessing whether an ASIC purchase price leaves enough room for downside scenarios.
- Evaluating whether fee, difficulty, or BTC-price risk is the primary exposure.
It should not be used alone to select hardware or evaluate a mining contract. A lower-efficiency ASIC may look acceptable on gross revenue but become uneconomic quickly when electricity costs rise or difficulty increases.
FAQ
Is Bitcoin hashprice the same as mining profit?
No. Bitcoin hashprice is expected gross revenue per unit of hashrate. Profit requires deducting operating and capital costs.
Why does hashprice fall when difficulty rises?
A difficulty increase means the network requires more work to find the same block rewards. A fixed amount of hashrate therefore tends to receive a smaller share of total rewards, all else equal.
How do I convert $/PH/day to revenue for one ASIC?
Divide the machine’s TH/s by 1,000 to get PH/s, then multiply by the current $/PH/day figure. For example, 200 TH/s is 0.2 PH/s; at a hypothetical $35/PH/day, gross revenue is about $7/day before costs.
Is BTC hashprice more useful than USD hashprice?
Neither is universally better. BTC hashprice helps track output in Bitcoin and removes the direct BTC/USD conversion effect. USD hashprice is more useful for dollar-denominated expenses and cash-flow planning.
Does a hashprice index equal my pool payout?
Not exactly. A live index is an expected-value benchmark. Your realized payout can differ because of pool payout rules, fees, valid hashrate, rejected shares, and the timing and fee composition of blocks.