Hash Price
How profitable is it to be a Bitcoin miner right now?
This tells you how much money a miner earns per unit of computing power per day. Read more
Miners are enjoying healthy revenue per unit — only 0% below the peak. When hash price is this high, mining is very profitable and new competitors rush to join. This attracts more hashrate, which eventually pushes hash price back down.
Hash price has fallen over 99%since Bitcoin's earliest days. That's not a problem — it's actually a sign of success. It means the network has grown enormously. When Bitcoin was new, a single laptop could mine blocks. Today, millions of specialized machines compete for the same rewards. More competition equals less revenue per machine.
What matters isn't the absolute level — it's the rate of change. A sudden drop in hash price means either Bitcoin's price fell (less revenue) or hashrate grew very fast (more competition). Either way, if hash price drops fast enough that miners can't cover their electricity bills, the weakest ones shut down and sell their Bitcoin. Those forced-selling events have historically coincided with market bottoms.
Revenue per unit dropped 19% over 3 months but has been recovering in the last few weeks (+9.1% in 7 days, +24.1% in 30 days). The worst of the compression may be passing.
Hashrate is the other side of this equation. More hashrate = more competition = lower hash price. When both are extreme, it tells a powerful story.
Difficulty adjusts every two weeks based on hashrate. Rising difficulty confirms the competition that pushes hash price down.
Measures miner revenue from a different angle — total daily revenue compared to the yearly average. Complements hash price.
Understanding Hash Price
This divides the total daily mining revenue by the total computing power on the network. It's the expected paycheck per unit of mining hardware. Higher means fatter margins; lower means they're squeezing pennies.
This spikes when Bitcoin's price shoots up faster than miners can add new equipment. Since buying and setting up mining hardware takes months, there's a lag. During that lag, existing miners are making bank because the price ran ahead of the competition.
It drops when new miners pile in faster than the price is rising, or when the price falls while computing power stays high. It also gets roughly cut in half after each halving when the mining reward shrinks. Miners either need to get more efficient or the price needs to rise to make up for it.
Hash price has fallen over 99% since Bitcoin's earliest days. That's not a crisis — it's actually a sign of success. When Bitcoin was new, a single laptop could mine blocks. Today, millions of specialized machines compete for the same rewards. More competition means less revenue per machine. What matters isn't the absolute level — it's the rate of change and whether miners can still cover their electricity bills.
This is the most direct measure of whether mining is a good business right now. When it hits historically low levels, the weakest miners are forced to give up — selling their Bitcoin stash and turning off their machines. Those forced-selling moments have lined up with market bottoms.