Hashprice Index

"Hashprice" was coined in 2019 by mining-services firm Luxor, whose Hashrate Index made it the industry-standard term: how much one unit of hashrate earns per day. Luxor's official index quotes USD per PH/s per day; this page computes the same idea from public data as USD per TH/s per day (daily miner revenue ÷ network hashrate) — a 1000× difference in scale but the same shape. Mind the units when comparing absolute levels.

BTC-denominated hashprice is a function of three inputs — block subsidy, transaction fees and network difficulty — with the bitcoin price as the fourth when quoted in USD. Only difficulty works against the miner: rising price, subsidy or fees mean more revenue, while rising network hashrate (difficulty) splits the same revenue across more machines, diluting each unit. Hashprice thus compresses the entire economics of mining into one number: the real-time unit price of the commodity miners sell — hashrate.

For a miner, hashprice × owned hashrate = daily revenue; subtract power and you have gross margin — switch-on/off decisions and rig-payback math all run through it, and rig manufacturers price machines off it. For investors, hashprice's long-run downtrend (hashrate persistently grows faster than revenue) is the clearest picture of mining as a brutal deflationary arms race. Episodes of collapsing hashprice — post-halving, or in price crashes — have historically coincided with forced miner selling and industry consolidation.

This page's version divides by estimated network hashrate, so daily readings are noisy — treat short-term values as indicative. It is also a network-wide average that hides enormous dispersion in power costs and rig efficiency: at the same hashprice, a low-cost farm prints money while a high-cost miner shuts down. And the USD quote mixes in price volatility; for mining-native supply-demand analysis, think in BTC terms.

Beyond network data, see the broader market via total crypto market cap and BTC liquidations.