What Is Hashprice? The One Number That Tells a Bitcoin Miner What It Earns
What Is Hashprice? The One Number That Tells a Bitcoin Miner What It Earns
Michal Beno 6 November 2026 · Hashprice
Short answer
Hashprice is the estimated revenue that one terahash per second (1 TH/s) of mining power earns in one day. On 30 October 2026, using public network data, it was about 3.5 cents per TH per day. Multiply it by a Bitcoin miner's hashrate to get daily revenue, and divide it by the miner's energy use to find the highest power price that miner can afford.
~3.5 cents
hashprice per TH per day (estimate, 30 Oct 2026)
~$77,600
BTC price (public data, 30 Oct 2026)
~1,000 EH/s
network hashrate
1Hashprice in one sentence
Bitcoin miners come in all sizes, from 141 TH/s to over 1,000 TH/s. To compare them, the industry uses one simple yardstick: how much does one unit of hashrate earn per day? That number is hashprice. It is usually written in dollars (or cents) per terahash per day, or per petahash per day for big operations. One petahash is 1,000 terahashes.
Think of it like the price per kilo at a market. The kilo of apples is the same everywhere; what changes is the price. Hashprice is the 'price per kilo' of mining work, and it moves every day.
Hashprice is the daily price tag on one unit of mining power.
2The hashprice formula
Hashprice
hashprice (per TH per day) = 144 blocks x (block subsidy + fees per block) x BTC price / network hashrate in TH/s
144 is the number of blocks found per day (one every 10 minutes). The subsidy is 3.125 BTC since April 2024. Network hashrate in TH/s: 1,000 EH/s = 1,000,000,000 TH/s.
Worked example
Worked example: hashprice on 30 October 2026
Blocks per day
144
Subsidy plus fees per block
3.125 + about 0.03 = 3.155 BTC
BTC price (public data)
about $77,600
Daily value paid to all miners (144 x 3.155 x 77,600)
about $35.26 million
Network hashrate
about 1,000,000,000 TH/s
Hashprice (35.26 million / 1 billion)
about $0.0353 = 3.5 cents per TH per day
Every terahash of mining power on the network shares in the same daily pot, about 3.5 cents each. This is an estimate; it changes with every block.
3What moves hashprice
Look at the formula again. Four things can move hashprice, and each one pushes in a clear direction.
Driver
If it goes up
Why
BTC price
Hashprice goes up
Each Bitcoin earned is worth more dollars
Network hashrate
Hashprice goes down
The same pot is split among more terahashes
Transaction fees
Hashprice goes up
Each block carries more Bitcoin
Halving
Hashprice roughly halves
The subsidy is cut in half about every four years
The halving is the big one. The next is expected around April 2028, at block 1,050,000, when the subsidy drops from 3.125 to 1.5625 BTC. The network is now at block 973,809. For the countdown, see the next Bitcoin halving.
What would hashprice be under each scenario?
Longer bar = higher hashprice in cents per TH per day (each scenario changes one thing from today)
BTC +10%
3.88 cents
Fees 0.10 BTC/block
3.6 cents
Today
3.53 cents
Hashrate +5.5%
3.34 cents
BTC -10%
3.17 cents
After halving
1.78 cents
A +10% move in BTC price lifts hashprice by 10%. A +5.5% rise in network hashrate, the size of the last difficulty adjustment, trims it by about 5.2%. Fees matter less: even more than tripling them, from 0.03 to 0.10 BTC per block, adds only about 2%.
Good to know
Hashprice and difficulty are two sides of the same coin. Difficulty follows network hashrate, so when difficulty rises at an adjustment, each terahash gets a smaller slice of the same daily pot. Watching the difficulty schedule, every 2,016 blocks or about two weeks, is the easiest way to see the next hashprice move coming before it shows up in daily payouts.
4Turning hashprice into daily revenue for one miner
Daily revenue and profit for a specific miner
daily revenue = TH/s x hashprice; daily power cost = watts x 24 / 1000 x price per kWh
Revenue minus power cost is what is left before pool fees. Rates and hashprice both change, so treat the result as a snapshot.
Worked example
Worked example: Antminer S23 Hyd hosted in Georgia USA
Hashrate
563 TH/s
Daily revenue (563 x $0.0353)
about $19.85
Power use (5,349 W x 24 / 1000)
about 128.38 kWh per day
Power price (Georgia, 7-year prepaid)
4.5 cents/kWh
Daily power cost (128.38 x $0.045)
about $5.78
Left after power
about $14.07 per day
Hosted in Nigeria at 3.6 cents/kWh, the same miner's power bill falls to about $4.62 a day, leaving about $15.23. Rates as listed on 30 October 2026; check the hosting page for current rates.
5Break-even power price: the number to know before buying
Hashprice also answers the most useful question a buyer can ask: what is the highest electricity price at which this Bitcoin miner still covers its power bill? That is the break-even power price. It depends on just two numbers: hashprice and the miner's efficiency in joules per terahash (J/TH).
Break-even power price
break-even price per kWh = hashprice per TH per day / (24 x J/TH / 1000)
24 x J/TH / 1000 is the kWh one TH/s uses per day. For an Antminer S21 at 17.5 J/TH: 24 x 17.5 / 1000 = 0.42 kWh, and $0.0353 / 0.42 = about 8.4 cents/kWh.
What is the highest power price each miner can pay today?
Longer bar = higher break-even power price in cents/kWh at about 3.5 cents per TH per day
Antminer S23 XP Hyd
16.5 cents
Antminer S23 Hyd
15.5 cents
Antminer S21+ Hyd
9.8 cents
Antminer S21
8.4 cents
Antminer S19 XP
6.8 cents
WhatsMiner M50S+
6.1 cents
Every miner above has a break-even well over the 3.6 to 4.8 cents/kWh 7-year prepaid rates on the OneMiners hosting page (rates as listed on 30 October 2026; check the hosting page for current rates). The gap between the two numbers is the safety margin.
The gap between break-even and the power rate paid is the miner's safety margin.
6Stress test: what happens after the next halving?
A smart buyer checks the worst planned event, not just today. If the halving hit tomorrow with the same BTC price and network size, hashprice would fall to about 1.78 cents per TH per day. Real markets rarely stand still, but this shows which miners have room to spare.
Worked example
Worked example: break-even after a halving (same price and hashrate)
Hashprice after halving
about 1.78 cents per TH per day
Antminer S21 break-even (1.78 x 1000 / 420)
about 4.2 cents/kWh
Antminer S23 Hyd break-even (1.78 x 1000 / 228)
about 7.8 cents/kWh
Antminer S23 XP Hyd break-even (1.78 x 1000 / 213.6)
about 8.3 cents/kWh
Nigeria 7-year prepaid rate
3.6 cents/kWh
Efficient hydro miners keep a wide margin above low fixed rates even in a halving stress test. That is why efficiency plus cheap locked power is the winning pair.
FACT: BTC price is only one input. Network hashrate, fees and the halving all move it too.
MYTH: A high hashprice means any miner is a good buy.
FACT: Only if its break-even power price sits well above the power rate it will pay.
MYTH: Hashprice only goes down.
FACT: It falls when hashrate grows or at a halving, and rises when BTC price or fees rise.
MYTH: Break-even is the profit point.
FACT: Break-even covers power only. Hardware cost is paid back from what is left above it.
7Why hashprice favours fixed, cheap power
The OneMiners view
Hashprice moves every day, but a locked power rate does not. OneMiners offers 7-year prepaid hosting from 3.6 cents/kWh in Nigeria, 4.4 cents/kWh in Finland and Norway Arctic and 4.5 cents/kWh across its USA sites (rates as listed on 30 October 2026; check the hosting page for current rates), with all management included, 98%+ average uptime and a 7-year warranty for defects. A fixed cost under a moving hashprice keeps the break-even margin easy to see.
There is no fixed 'good' level. What matters is whether hashprice comfortably covers a miner's power cost, which depends on its J/TH and the power rate.
Why is hashprice quoted per TH per day?
It lets owners compare miners of any size. Multiply by a miner's TH/s to get its daily revenue estimate.
Does the difficulty adjustment change hashprice?
Yes. Difficulty follows network hashrate. When difficulty rises 5.5%, each terahash earns about 5.2% less, all else equal.
How do I find a miner's break-even power price?
Divide hashprice per TH per day by the kWh one TH/s uses per day, which is 24 x J/TH / 1000. For an S21 today that is about 8.4 cents/kWh.
Will the 2028 halving cut my revenue in half?
The subsidy halves, so hashprice roughly halves unless BTC price or fees rise. Efficient miners on low fixed power keep the most margin.
This article is for education only and is not financial advice. Mining revenue depends on the Bitcoin price, network difficulty, fees, power costs and uptime, all of which change. Figures are estimates based on public network data and rates listed on oneminers.com on 30 October 2026; check the live pages for current rates and prices.
Michal Beno
