BITCOIN HASH PRICE
How well are Bitcoin miners getting paid?
What a miner earns each day for every unit of computing power they run.
What miners earn for each unit of computing power, daily, since 2020 (earlier years used a different measure and are left off). The long slide is the network growing; the swings track Bitcoin's price against how much mining power is online.
Latest displayed reading: $32 /PH/day on Aug 5, 2026. This view shows 1,048 dated readings from Jan 1, 2020 to Aug 5, 2026. The latest displayed reading is lower than the first. The displayed low is $28 /PH/day on Jun 6, 2026. The displayed high is $423 /PH/day on Apr 17, 2021.
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- Miner earnings per unit of computing power (selected): $32 /PH/day
Can a real machine still turn a profit right now?
Underwater at typical powerA S21-class (~140 TH/s) grosses only about $4.48 a day at today's hash price, below the about $5/day it burns on electricity at cheap industrial power. At these levels most miners are losing money on power alone, and only those with the very cheapest electricity stay above water.
A S21-class (~140 TH/s) grosses about $4.48/day (about $134/month) before costs.
Which way has miner pay been heading?
Pay per unit of power is slowing down.
- Up 7.0% over the last month.
- Down 17.0% over the last 3 months.
- Down 0.3% over the last week, the short-term trend is easing.
Why does miner pay move around?
Pay per unit drifts down over the long run because the network keeps growing: more machines compete for the same rewards, so each one earns less. That is a sign of success, not trouble. What matters is the rate of change. Pay jumps when Bitcoin's price runs ahead of new machines coming online, and it falls when machines pile in faster than the price rises, or after a halving cuts the block reward in half. If it drops far enough that miners cannot cover their power bills, the weakest switch off and sell their coins, and those moments have often lined up with market lows.
Related indicators
The other side of the equation. More mining power means more machines splitting the same rewards, which pulls pay per unit down.
Resets every two weeks to track mining power. Rising difficulty confirms the competition that squeezes pay.
Miner pay from another angle: today's total mining income against its yearly average.
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 more profit per machine; 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 good money 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 problem, 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 lows.