Glossary / Mining & consensus
Hashprice
- Definition
- Hashprice is the daily revenue a miner earns per unit of computing power, usually quoted in dollars per petahash per day, and it is the number that decides whether a machine is worth running.
Four inputs go into it: the block subsidy, transaction fees, network difficulty, and the bitcoin price. Luxor's index, which popularized the term, tracks it in dollars per petahash per day, and it hit a five year low near 38 dollars in November 2025 before slipping to about 32 in early August 2026. When hashprice drops under a miner's electricity cost, machines get switched off.
How it works
Hashprice is a division problem: total network revenue on top, total network hash rate underneath.
The top line is fixed by the protocol and the market. Blocks arrive about 144 times a day, each currently paying a 3.125 coin subsidy, so issuance runs to roughly 450 coins a day, with transaction fees added on top. The bottom line is whatever hash rate happens to be online. With the network running near 850,000 petahashes per second, each petahash per second earns about 53,000 satoshis a day before fees are counted. Multiply by the exchange rate and you get the dollar figure the mining press quotes.
Two versions circulate and they answer different questions. Bitcoin denominated hashprice, expressed in satoshis, strips the exchange rate out and shows purely how crowded mining has become; it can only fall unless fees rise or difficulty drops. Dollar denominated hashprice adds the price of bitcoin, which is why a bull market can lift miner revenue even while difficulty climbs.
Three events move it sharply. A halving cuts the subsidy in half overnight and takes hashprice down with it, as happened on April 20, 2024. A difficulty increase dilutes every machine's share proportionally. A fee spike, such as a rush of inscriptions or a congested mempool, can double revenue for a day or two and then vanish.
Where you see it
Hashprice appears wherever mining is treated as a business rather than a hobby.
Hosting contracts and hardware quotes are priced against it, listed miners cite it in quarterly results, and Luxor runs a forward market where operators lock in a fixed rate for months ahead, which in late 2025 was pricing roughly 0.00041 bitcoin per petahash per day for the following six months. The clearest use is a break even calculation. A machine rated at 200 terahashes per second is 0.2 petahashes, so at 32 dollars per petahash per day it earns about 6.40 dollars. Running at 3,500 watts it consumes 84 kilowatt hours in a day, which means power at anything above roughly 7.6 cents per kilowatt hour turns the machine into a loss before hardware, hosting, or maintenance is counted. The United States residential average is more than double that, which is the entire reason industrial mining chases stranded hydropower, flared gas, and curtailed wind instead of plugging into the wall.
The number is also a decent honesty test. Any mining or cloud contract promising a fixed daily return, quoted without reference to hashprice, difficulty, and the price of bitcoin, is promising something the underlying revenue cannot guarantee.