What Is Hashprice? How Mining Revenue per Terahash Is Measured
Short answer: hashprice is the expected mining revenue earned by one unit of hashrate over one day. For Bitcoin it is usually quoted in US dollars per terahash per second per day (USD/TH/s/day). It rolls the bitcoin price, network difficulty, the block subsidy and transaction fees into a single number, so you can multiply it by a machine’s hashrate to estimate that machine’s gross daily revenue. It changes every day.
This guide explains how hashprice is calculated, what moves it, and how to use it with our calculator. It does not quote current values, because hashprice changes constantly. Bitminers does not guarantee mining profitability.
What hashprice measures
A Bitcoin miner does not earn a fixed amount per day. It earns a share of the block rewards found by the whole network, in proportion to its share of the total hashrate. Hashprice turns that into a simple rate: if you had exactly 1 TH/s of hashrate running for 24 hours, how much would you expect to earn on average?
Hashprice (sometimes written “hash price”) can be stated in two ways:
- In bitcoin (BTC per TH/s per day): driven only by difficulty, block subsidy and fees.
- In US dollars (USD per TH/s per day): the BTC figure multiplied by the bitcoin price. This is the version most miners watch, because electricity bills are paid in dollars.
Hashprice is gross revenue. It does not include electricity, pool fees, downtime, hardware cost or taxes.
The hashprice formula
Bitcoin aims for one block about every 10 minutes: the difficulty is recalculated every 2,016 blocks so that those blocks take about two weeks. That gives roughly 144 blocks per day. Your expected share of them equals your hashrate divided by the network hashrate:
- Daily network reward = blocks per day × (block subsidy + average transaction fees per block)
- Hashprice in BTC = daily network reward ÷ network hashrate in TH/s
- Hashprice in USD = hashprice in BTC × bitcoin price
Network hashrate cannot be measured directly; it is estimated from difficulty. The standard relationship is network hashrate ≈ difficulty × 2^32 ÷ 600 hashes per second, which gives an equivalent form that uses difficulty instead:
- Hashprice in BTC = (86,400 × 10^12) ÷ (difficulty × 2^32) × (block subsidy + average fees per block)
Here 86,400 is the number of seconds in a day and 10^12 converts one terahash per second into hashes per second. Mining data services and most large pools publish hashprice daily, and block explorers publish the current difficulty and recent fees, so you rarely need to calculate it yourself. Knowing the formula helps you understand why the number moves.
What moves hashprice
| Factor | Direction | How it works |
|---|---|---|
| Bitcoin price | Up when price rises | USD hashprice scales directly with price. A 10% price change, with everything else equal, changes USD hashprice by 10%. |
| Network difficulty | Down when difficulty rises | More hashrate competing for the same blocks means a smaller share for each TH/s. A 5% difficulty increase cuts hashprice by about 4.8% (1 ÷ 1.05). |
| Block subsidy | Down at each halving | The subsidy halves every 210,000 blocks, roughly every four years. Since April 2024 it has been 3.125 BTC per block. |
| Transaction fees | Up when the network is busy | Fees are added to the subsidy in each block. They rise and fall with demand for block space. |
| Halvings | Step down | At a halving, the subsidy part of hashprice is cut in half overnight. Only fees, price or a later difficulty drop can offset it. |
The halving schedule is part of the Bitcoin protocol and is described in the Bitcoin developer reference. For the mechanics of blocks, difficulty and rewards, see How Bitcoin Mining Works.
How to use hashprice with the calculator
Our ASIC miner profitability calculator asks for today’s hashprice because it does not use live data. The arithmetic it performs is:
- Daily revenue = machine hashrate (TH/s) × hashprice (USD per TH/s per day) × (1 − pool fee)
- Daily electricity cost = power (W) ÷ 1,000 × 24 × electricity price (USD per kWh)
- Daily net = daily revenue − daily electricity cost
Steps to use it:
- Look up the current Bitcoin hashprice in USD per TH/s per day from a mining data service or your pool’s dashboard.
- Take the hashrate and power from the product page of the machine you are considering, for example the Antminer S21 XP (270 TH/s, 3,645 W).
- Enter your actual electricity price, including delivery charges and demand fees, and your pool fee.
- Read the daily net and the break-even electricity price. Then change the hashprice input up and down to see how sensitive the result is.
Any result is a snapshot at today’s inputs, not a forecast.
Comparing hashprice with your cost per terahash
A useful companion number is your electricity cost per TH/s per day. It depends only on machine efficiency and your power price:
Electricity cost per TH/s per day = efficiency (J/TH) × 24 ÷ 1,000 × electricity price (USD per kWh)
Comparing this with the current hashprice shows at a glance whether a machine covers its electricity at today’s rate. The table applies the formula to catalog efficiency figures at two example electricity prices.
| Model (catalog efficiency) | kWh per TH/s per day | Cost at $0.06/kWh | Cost at $0.10/kWh |
|---|---|---|---|
| Antminer S23 Hyd (9.5 J/TH) | 0.228 | $0.0137 | $0.0228 |
| Antminer S21 XP (13.5 J/TH) | 0.324 | $0.0194 | $0.0324 |
| Antminer S19 XP (21.5 J/TH) | 0.516 | $0.0310 | $0.0516 |
| Antminer S19 (34.2 J/TH) | 0.821 | $0.0492 | $0.0821 |
Every machine receives the same hashprice per TH/s, but a less efficient machine pays more electricity for each TH/s. When hashprice falls, the least efficient machines are the first to stop covering their power cost. This is why efficiency matters so much; our best ASIC miners comparison lists J/TH for current Bitcoin miners.
Hashprice for other coins
The same idea applies to other proof-of-work coins, but the unit changes with the algorithm. Scrypt (Litecoin and Dogecoin), kHeavyHash (Kaspa) and other algorithms use different hashrate scales, so their hashprice is quoted per GH/s, per TH/s or another unit that suits the algorithm. You cannot compare hashprice across algorithms directly; compare within one algorithm only. See What Is an ASIC Miner? for the algorithm each type of machine uses.
Frequently asked questions
Is hashprice the same as mining profit?
No. Hashprice is gross revenue per unit of hashrate before any costs. Profit also depends on electricity, pool fees, uptime, hardware cost and taxes. Bitminers does not guarantee mining profitability.
Where can I find today’s hashprice?
Mining data services and most large mining pools publish Bitcoin hashprice daily, usually in USD per TH/s per day or per PH/s per day. Block explorers publish the difficulty and fee data it is calculated from.
Why did hashprice drop when the bitcoin price did not change?
Most likely because difficulty rose or transaction fees fell. Difficulty adjusts about every two weeks, and fees change block by block with network demand.
What happens to hashprice at a halving?
The block subsidy halves, so the subsidy portion of hashprice halves on the day it happens. The overall effect depends on how bitcoin price, fees and difficulty move before and after.