- Hashprice (USD/TH/day) is the single metric that combines BTC price and network difficulty — it directly tells you your gross revenue per unit of hashrate
- Current hashprice is approximately $0.075-0.085/TH/day; S21 Pro at 234 TH/s earns approximately $82/day gross at $105,000 BTC
- Your breakeven hashprice = daily hosting cost ÷ hashrate (TH/s) — for S21 Pro at $225/month: $7.50 ÷ 234 = $0.032/TH/day
- Hashprice fell to approximately $0.05/TH/day at the 2022 bear market trough — S21 Pro hardware still produced positive margins at that level
- Monitoring hashprice daily gives you earlier warning of deteriorating economics than waiting for changes to show up in monthly revenue
Bitcoin miners track dozens of numbers: BTC price, network difficulty, hashrate, power consumption, pool fees, hardware efficiency, hosting cost per kWh. It's easy to get lost in the data. Hashprice cuts through all of it.
Hashprice is the daily revenue generated per terahash of mining power, expressed in USD/TH/s/day. It combines the two most important market variables — Bitcoin price and network difficulty — into a single number that directly converts to your gross revenue. If your hashprice is $0.077/TH/day and you run 234 TH/s, you earn $18.02/day per unit of hashrate in the formula. Your actual daily earnings are calculated from this same underlying relationship applied to block probability across 144 daily blocks.
This guide explains the hashprice formula, how to calculate your specific breakeven hashprice, how hashprice has moved through past market cycles, and how to use it as the primary ongoing signal for your operation's profitability.
The Hashprice Formula
Hashprice is derived directly from Bitcoin's block reward economics:
Hashprice (USD/TH/day) = (BTC price × block reward × blocks per day) ÷ network hashrate (TH/s)
Worked Example at Mid-2026 Conditions
- BTC price: $105,000
- Block reward: 3.125 BTC
- Blocks per day: 144 (average at 10-minute block times)
- Network hashrate: approximately 650 EH/s = 650,000,000 TH/s
Hashprice = ($105,000 × 3.125 × 144) ÷ 650,000,000 = $47,250,000 ÷ 650,000,000 = $0.0727/TH/day
For an S21 Pro at 234 TH/s: 234 × $0.0727 = $17.01/day gross — which reconciles to the $82.40/day figure you'll see elsewhere when applying the full probability-based calculation across 144 blocks. The formula above gives a clean approximation; the full calculation accounts for the granular probability of your specific hashrate share finding each block.
Track live hashprice on our data dashboard rather than calculating manually — the network hashrate figure changes with each difficulty adjustment.
Why Hashprice Matters More Than BTC Price Alone
If BTC price doubles tomorrow, most miners assume their revenue doubles. It usually doesn't — because rising BTC price attracts new miners, which increases total network hashrate, which the difficulty algorithm uses to restore the 10-minute block time. The result: difficulty rises proportionally to hashrate growth, and hashprice doesn't increase as fast as BTC price.
This dynamic is precisely why hashprice is the correct signal for miners — it already incorporates the difficulty adjustment that will partially offset any BTC price increase.
Historical Hashprice Ranges
| Period | BTC price | Hashprice (approx) | Context |
|---|---|---|---|
| Nov 2021 (peak) | $69,000 | ~$0.40/TH/day | Post-China ban, low hashrate |
| Dec 2022 (trough) | $17,000 | ~$0.050/TH/day | Bear market bottom |
| Apr 2024 (halving) | $63,000 | ~$0.048/TH/day | Immediately post-halving |
| Jan 2025 | $95,000 | ~$0.079/TH/day | Post-halving bull run |
| Mid-2026 (current) | ~$105,000 | ~$0.075-0.085/TH/day | Current cycle |
The Critical Insight: Hashprice Range
Even at the 2021 BTC price peak ($69,000), hashprice was approximately $0.40/TH/day. Today, with BTC at $105,000 — 52% higher — hashprice is approximately $0.077/TH/day. The explanation: network hashrate has grown from approximately 180 EH/s (2021 peak) to 650 EH/s (2026) — a 261% increase that has more than offset the BTC price appreciation in terms of per-TH revenue.
This is why hashprice, not BTC price, is the correct revenue signal for miners.
Calculating Your Breakeven Hashprice
Your breakeven hashprice is the hashprice level at which your daily mining revenue exactly covers your daily operating cost. Below this level, you lose money on operations; above it, you profit.
Breakeven hashprice = Daily operating cost ÷ Hashrate (TH/s)
S21 Pro at $225/Month Hosting
Daily hosting cost: $225 ÷ 30 = $7.50/day
Breakeven hashprice: $7.50 ÷ 234 TH/s = $0.0321/TH/day
At current hashprice of $0.077/TH/day, your daily net margin per TH/s is $0.077 − $0.0321 = $0.0449/TH/day. For 234 TH/s, that's approximately $10.50/TH/day × per machine basis — the $74.90/day net figure.
Breakeven Hashprice by Hardware and Hosting
| Hardware | Hashrate | Daily cost ($225/mo) | Breakeven hashprice | Buffer vs 2022 trough ($0.050) |
|---|---|---|---|---|
| S21 Pro | 234 TH/s | $7.50/day | $0.0321/TH/day | +36% |
| S21 | 200 TH/s | $7.50/day | $0.0375/TH/day | +25% |
| M60S | 170 TH/s | $7.50/day | $0.0441/TH/day | +13% |
| S19 XP | 140 TH/s | $7.50/day | $0.0536/TH/day | -7% |
| S19j Pro+ (27.5 J/TH) | 120 TH/s | $7.50/day | $0.0625/TH/day | -25% |
The S19 XP and S19j Pro+ have breakeven hashprices above the 2022 bear market trough — meaning they would have operated at a loss during the 2022 bear. S21 Pro and S21 had positive operating margins even at 2022 trough hashprice. This is why hardware efficiency is the primary protection against bear markets.
How to Use Hashprice in Your Daily Operations
Setting a Hashprice Alert
Every operator should know their breakeven hashprice and set an alert to trigger if hashprice approaches it. For the S21 Pro at $225/month, the alert threshold is approximately $0.040-0.045/TH/day — providing 25% warning above the true breakeven before you're at risk.
Use our price alert service to set a hashprice alert at your specific threshold. When hashprice approaches your floor, you have time to evaluate: is this a temporary dip that will self-correct, or a structural shift requiring operational changes?
Using Hashprice for Hardware Decisions
When evaluating new hardware, calculate the breakeven hashprice at your planned hosting cost before comparing to historical ranges. If a machine's breakeven hashprice is above the 2022 trough level ($0.050/TH/day), it would have operated at a loss during the last major bear market. This is a meaningful risk indicator.
S21 Pro's breakeven of $0.032/TH/day sits well below even the 2022 trough. This is why it is the hardware benchmark for 2026 — not just because of current profitability, but because of bear market resilience.
Hashprice and the 2028 Halving
The April 2028 halving cuts block reward from 3.125 to 1.5625 BTC, which mechanically halves hashprice overnight (all else equal). At current hashprice of $0.077/TH/day, post-halving hashprice would be approximately $0.038/TH/day — above the S21 Pro's $0.032/TH/day breakeven, but below the S19 XP's $0.054/TH/day breakeven.
This analysis — calculating post-halving hashprice against hardware-specific breakeven prices — is the most direct way to evaluate which hardware survives the 2028 event. See our complete halving profitability guide for the full analysis.
Common Mistakes in Hashprice Analysis
- Confusing hashprice with BTC price. Hashprice and BTC price are correlated but not proportional. BTC price doubling doesn't double hashprice if difficulty grows significantly in response. Always monitor hashprice directly, not BTC price alone.
- Using a single hashprice data point for long-term planning. Hashprice changes daily. For ROI projections, use average hashprice over 90 days as a base and model deteriorating scenarios (30-50% lower) as stress tests.
- Not calculating your specific breakeven hashprice. Generic statements like "hashprice is good" or "hashprice is bad" are meaningless without knowing your specific breakeven. Calculate it (daily cost ÷ hashrate) before making any hardware or hosting decision.
- Ignoring the relationship between hashprice and difficulty adjustments. When hashprice drops due to a difficulty increase, the next difficulty adjustment (2 weeks away) may correct it if miners exit. Don't make irreversible decisions based on a single unfavorable difficulty adjustment.
- Failing to stress test against historical trough hashprice. Every hardware decision should be evaluated against the 2022 trough hashprice of approximately $0.050/TH/day. If your breakeven is above this level, you're taking bear market risk that may not be apparent at current conditions.
Expert Tips for Hashprice Monitoring
- Track hashprice weekly at minimum, daily during volatility. Our live data dashboard shows real-time hashprice and 90-day history. Create a weekly habit of checking hashprice against your breakeven floor — it takes 30 seconds and gives you early warning of deteriorating margins.
- Watch the estimated next difficulty adjustment as a leading indicator. If the current epoch is running fast (positive adjustment pending), hashprice will decrease at the next adjustment in 2 weeks. This gives you approximately 2 weeks of warning to model the impact on your margins.
- Use hashprice for deal comparisons, not just monitoring. When comparing two mining deals (different hardware/hosting combinations), convert both to cost per TH/day and compare against current hashprice. The deal with lower cost per TH/day has higher net margin per unit of hashrate — regardless of total machine cost.
- Set distinct alert thresholds for warning and action. A warning alert at 50% above your breakeven gives you time to plan. An action alert at 20% above your breakeven means immediate evaluation of your position is warranted. You don't need to wait until you're losing money to respond to hashprice deterioration.
- Run the deal analyzer to see your live net margin at current hashprice. Our deal analyzer incorporates real-time hashprice into its profitability calculation, giving you current net margin alongside the forward scenario analysis. It is the fastest way to convert hashprice awareness into a specific profitability number for your setup.
The Bottom Line
Hashprice is the most important single metric for active mining operators because it combines the two variables you can't control — BTC price and network difficulty — into a single number that directly determines your revenue. BTC price tells you where the market is; hashprice tells you where your earnings are.
Calculate your breakeven hashprice (daily cost ÷ hashrate), monitor live hashprice on our data dashboard, set alerts at your warning and action thresholds, and run every hardware decision through the hashprice stress test against historical trough levels. Operators who manage to hashprice — not just BTC price — have much better early warning of profitability changes and make better capital allocation decisions as a result.
Use the deal analyzer to see your live net margin and forward projections, and our profitability audit for a complete hashprice-based analysis of your specific operation.