Bitcoin is sitting above $77,000. Most people outside the industry assume miners are making great money right now. Some are. Many are not. The reason comes down to one metric most people have never heard of: hashprice.
What hashprice actually is
Hashprice is the daily revenue generated per unit of hashrate, usually expressed as dollars per petahash per day ($/PH/day). It tells you what the market is actually paying for your machines’ computing power, regardless of where BTC is trading.
Right now, hashprice sits at around $35.96/PH/day. In April 2024, just before the halving, it briefly hit over $150/PH/day. Bitcoin’s price today is higher than it was then. But miner revenue per unit of hashrate is less than a quarter of what it was.
That gap tells the whole story.
Why BTC price and miner revenue diverge
Hashprice is a function of three variables: Bitcoin price, block subsidy, and network hashrate. The formula is simple. Multiply the block subsidy (3.125 BTC since the April 2024 halving) by the Bitcoin price, multiply that by the 144 blocks mined per day, then divide by the total network hashrate.
When Bitcoin price goes up, hashprice rises. But when network hashrate grows at the same time, or faster, the gains get diluted across more machines. More miners chasing the same fixed block reward means each machine earns less.
Since the 2024 halving, the block subsidy was cut in half. Network hashrate has grown from roughly 600 EH/s to over 940 EH/s today. Bitcoin price has climbed, but it has not come close to offsetting both of those headwinds simultaneously.
The post-halving trap miners fall into
Many miners calculate profitability using Bitcoin price projections. They see BTC at $77,000 and assume they will be profitable at their cost basis. What they miss is that every dollar increase in BTC price that is visible to them is also visible to every other miner globally. New machines come online. Older machines that were sitting in warehouses get plugged in. Difficulty rises. Hashprice drops.
This is not a flaw in the system. It is how the protocol is designed. The difficulty adjustment keeps block times stable at around 10 minutes regardless of how much hashrate joins the network. It is an elegant self-correcting mechanism. But for individual miners, it means BTC price alone is a lagging and often misleading indicator of how their operation is performing.
What hashprice tells you that BTC price does not
Hashprice captures competitive pressure in real time. A falling hashprice even while BTC rises means new hashrate is flooding the network faster than price appreciation can offset. A rising hashprice during a flat BTC market means inefficient miners are shutting off, reducing competition, and your remaining machines are earning more.
There are periods, typically in the early weeks after a halving before new generation machines ramp up, where hashprice spikes sharply. Miners who understand this position accordingly. They know the spike is temporary and plan for the compression that follows.
The practical takeaway
Before you add machines, refinance, or sign a hosting contract, check hashprice first. Not BTC price. Not your all-in cost per coin. Hashprice.
At $35.96/PH/day, an S21 Pro running at 234 TH/s generates roughly $8.40 per day in gross revenue before electricity. At $0.075/kWh and 3,510W power draw, that machine costs about $6.32 per day to run. The margin is narrow. A 10% hashprice drop without a corresponding BTC price move puts that machine below water.
BTC price tells you what Bitcoin is worth. Hashprice tells you what it costs to compete for it right now. Miners who track both stay in business. Miners who only track one often do not.