Hashprice

Data to 2026-09-12. On-chain metrics are fetched on a rotation, so this can trail the build by a few days.

How to read it

Hashprice is what a miner earns per unit of computing power — the industry's revenue-per-unit-of-work. It falls when difficulty rises faster than price, and when block subsidies halve. It is the single number that determines which mining hardware is economic to run.

How it's calculated

Total miner revenue (block subsidy plus fees) divided by network hashrate, expressed per unit of hashing power per day.

What it did in past cycles

This is the one metric here with an unambiguous long-run direction, and it is down — by roughly six orders of magnitude since 2011. Cycle-peak readings tell the story on their own: 811 (2013-12-04), 3.88 (2017-12-16), 0.40 (2021-11-08), 0.053 (2025-10-06). Even at the best moment of each cycle, miners earned dramatically less per unit of work than at the best moment of the one before.

Two forces drive it and both point the same way: the block subsidy halves every four years, and hashrate has grown relentlessly as more efficient hardware ships. The series set its all-time low of 0.027 on 2026-06-10, in the drawdown that followed the October 2025 peak.

The competitive consequence is that mining margins compress permanently rather than cyclically. Every operator's break-even electricity price ratchets downward, which is why the industry has migrated toward stranded and curtailed power rather than simply buying more machines.

What it doesn't tell you

It says nothing about an individual miner's profitability, which depends overwhelmingly on their electricity cost and hardware efficiency. A miner with cheap stranded power can thrive at a hashprice that bankrupts a competitor.

It is also not a market signal. Hashprice falls when the network gets more competitive, which is what a healthy, well-secured chain looks like. Reading a declining hashprice as bearish confuses the miners' economics with Bitcoin's.

Reading it with other metrics

The Puell Multiple asks the same question in relative terms — revenue against its own trailing year — which makes it better for spotting miner stress and worse for seeing the secular decline that dominates this chart.

Fees are the long-run counterweight, since the subsidy goes to zero. NVT Signal is the nearest proxy here for how much settlement value the chain carries, which is what a fee-funded security budget would ultimately have to be paid out of.