Bitcoin hashrate and hashprice: what miners earn today
Tracker · Bitcoin mining · Published 14 October 2026 · By TradeSignalsHQHashrate is the total computing power working to add Bitcoin blocks. Hashprice is what one unit of that power earns in a day. Together they are the simplest picture of the mining business: how crowded it is, and how well it pays. This page shows both live, breaks the reward into subsidy and fees, and includes an estimator you can use for a single machine. It is educational only; it is not a recommendation to buy mining hardware or bitcoin.
Hashprice = 144 blocks × (subsidy + average fees of the last 144 blocks) × price ÷ network hashrate. Sources: mempool.space for network data, Kraken for the price.
What hashrate is, and how it is measured
Mining machines compute the SHA-256 hash of a block header over and over, changing a small field each time, until one hash comes out below the network's target. Each attempt is one hash. Hashrate is the number of attempts per second across every machine in the world.
No one can count those machines directly. The network reveals only the blocks that were found and the difficulty they had to meet. From those, hashrate is estimated: on average each block needs difficulty × 2³² hashes, so if blocks come every 600 seconds, hashrate ≈ difficulty × 2³² ÷ 600 (Bitcoin Wiki: difficulty). Data providers refine this using the actual time between blocks over a window — three days in the figure above. Because block discovery is random, short windows are noisy: a one-day hashrate can jump 10% with no machine switched on or off. Our difficulty tracker explains the link in more detail.
The units: TH, PH, EH
| Unit | Hashes per second | Typically used for |
|---|---|---|
| TH/s (terahash) | 10¹² · one trillion | One mining machine |
| PH/s (petahash) | 10¹⁵ · 1,000 TH/s | A container or small site; hashprice quotes |
| EH/s (exahash) | 10¹⁸ · 1,000,000 TH/s | Large miners and the whole network |
Machine efficiency is quoted in joules per terahash (J/TH): how much energy the machine uses for each trillion hashes. Lower is better. A machine's power draw in watts is its hashrate in TH/s times its efficiency in J/TH. The Cambridge Centre for Alternative Finance uses the same inputs — network hashrate, machine efficiency in J/TH and an electricity price — to estimate the network's electricity use, and defines a profitability threshold as the least efficient machine that still earns more than it costs to run (Cambridge Bitcoin Electricity Consumption Index, methodology).
Hashprice, the miner's revenue per unit
Hashprice answers one question: if you point one petahash per second at Bitcoin for a day, how much do you expect to earn? It is the day's total miner revenue divided by the network hashrate. Luxor's Hashrate Index methodology, which the Bitnomial exchange uses to settle its hashrate futures, computes it as the block subsidy plus the average transaction fees of the previous 144 blocks, divided by network hashrate, and quotes it in BTC or US dollars per PH/s per day (Bitnomial: hashrate pricing). The live figure above follows the same approach, using 144 expected blocks per day.
Three things move hashprice: the price of bitcoin (up, hashprice up), fees (busy blocks, hashprice up) and hashrate (more competitors, hashprice down). A fourth arrives on a schedule: the halving cuts the subsidy part in half overnight. See the halving countdown.
Mining revenue estimator
Enter a machine's figures from its spec sheet and your electricity price. The estimator uses today's network hashrate, subsidy, recent fees and price from the panel above. The starting values are an example, not a recommendation of any model.
A worked example, before and after the halving
Assumptions, fixed so the arithmetic can be checked: network hashrate 1,000 EH/s, bitcoin at $80,000, fees of 0.02 BTC per block, 144 blocks a day, a machine of 200 TH/s at 17 J/TH, electricity at $0.07 per kWh and a 2% pool fee. Only the subsidy changes between the two columns.
| Step | Subsidy 3.125 BTC (now) | Subsidy 1.5625 BTC (after block 1,050,000) |
|---|---|---|
| Hashprice, $ per PH/s per day | $36.23 | $18.23 |
| Machine revenue per day, after 2% pool fee | $7.10 | $3.57 |
| Power: 200 × 17 = 3,400 W, so 81.6 kWh a day | $5.71 | $5.71 |
| Net per day | $1.39 | −$2.14 |
| Break-even electricity price | $0.087 per kWh | $0.044 per kWh |
How the first row is worked out: 144 × (3.125 + 0.02) × $80,000 ÷ 1,000,000 PH/s = $36.23. The machine is 0.2 PH/s, so it earns 0.2 × $36.23 = $7.25 before the pool fee and $7.10 after. In this example the same machine goes from covering its electricity to losing money on it, with nothing changed but the subsidy. In reality the price, fees and hashrate would all have moved too, which is why the estimator above uses live figures.
What the estimate leaves out
- The machine itself. Hardware is the largest cost for most miners and loses value as newer, more efficient models arrive.
- Cooling, hosting and repairs. Data centres quote power usage effectiveness (PUE) above 1, meaning extra energy for cooling; Cambridge uses 1.01 to 1.20 in its bounds. Hosting contracts often bundle these into a higher price per kWh.
- Luck and uptime. The figures are expected values. A machine that is off 5% of the time earns 5% less.
- Future difficulty. If hashrate keeps rising, each machine's share keeps falling. Today's net is not next year's.
- Tax and regulation. Rules on mining income and power use differ by country and can change.
Is hashrate a market signal?
Hashrate tells you how much money miners have committed to Bitcoin's security, mostly based on decisions made months earlier when machines were ordered and power contracts signed. It reacts to price with a delay, and price does not obey it. A falling hashprice can mean that weak miners will sell coins to pay bills; it can also simply mean that new machines were switched on. We read it as context for the network desk, never as a buy or sell trigger on its own — see how we write trade ideas.
Questions people ask
- What is a good hashprice?
- There is no fixed good level. What matters is hashprice compared with a machine's cost to run: a machine is covering its electricity while its revenue per TH/s per day is above its power cost per TH/s per day. The estimator on this page computes that break-even point.
- How is Bitcoin hashrate calculated?
- It is estimated, not counted. Each block needs about difficulty × 2³² hashes on average, so dividing that by the average time between blocks gives hashes per second. Providers use different windows, so their figures differ a little.
- How much bitcoin does one mining machine earn?
- Its share of network hashrate times the total reward. A 200 TH/s machine on a 1,000 EH/s network has a one-in-five-million share, which at 144 blocks of about 3.145 BTC is roughly 9,000 satoshis a day before pool fees.
- Why include fees in hashprice?
- Miners keep the fees of the transactions they include, so fees are part of revenue. Averaging over the last 144 blocks smooths out single blocks with unusually high or low fees.
Sources
- Bitcoin Wiki, Difficulty (hashrate from difficulty).
- Bitnomial Exchange, Hashrate pricing (Luxor Hashrate Index methodology for hashprice).
- Cambridge Centre for Alternative Finance, Cambridge Bitcoin Electricity Consumption Index: methodology.
- Bitcoin Core source code, validation.cpp (GetBlockSubsidy).
- Live data: mempool.space API (hashrate, difficulty, reward statistics) and Kraken public ticker (price).
Risk warning. Educational content only, not financial or investment advice. Crypto assets are highly volatile and you can lose all the money you put in. Mining hardware can lose money and value quickly. Check figures with your own supplier and power contract.