← All posts

What Is Hashprice? Understanding Dollar per Terahash per Day ($/TH/s/day)

October 25, 2026

hashpricemining-economicscapex-opexprofitabilityrevenue

Defining hashprice

In financial markets, commodity producers track their revenue per barrel of crude or bushel of grain. In Bitcoin mining, the universal benchmark metric is hashprice — the expected revenue earned by one unit of hashrate over a 24-hour period, typically quoted in Dollars per Terahash per day ($/TH/s/day) or Sats per Terahash per day.

$$\text{Hashprice} = \frac{\text{Daily Miner Revenue (USD)}}{\text{Total Global Hashrate (TH/s)}}$$

If global hashprice is $0.06 / TH/s / day, a miner operating a 100 TH/s rig can expect:

$$\text{Gross Daily Revenue} = 100 \times $0.06 = $6.00 / \text{day}$$

What moves hashprice?

Hashprice is continuously dynamic and driven by three fundamental variables:

  1. Bitcoin Spot Price (+): When BTC price increases, USD revenue per block rises $\implies$ Hashprice climbs.
  2. Transaction Fees (+): Heavy on-chain activity (inscriptions, high-volume settlement) increases fee revenue $\implies$ Hashprice climbs.
  3. Network Difficulty (-): When more global miners plug in, your share of the total hashrate shrinks $\implies$ Hashprice declines.

Capex vs. Opex in mining models

A sustainable mining operation evaluates its viability through two distinct expense buckets:

1. Capital Expenditures (Capex)

  • ASIC machine acquisition costs (quoted in $/TH)
  • Electrical infrastructure (transformers, switchgear, PDUs, high-voltage substations)
  • Racks, containers, cooling, and network cabling
  • Land and building acquisition or lease deposits

2. Operational Expenditures (Opex)

  • Power supply contracts (the dominant opex line, usually 70–85% of total operating cost)
  • Facility hosting / colocation fees
  • Maintenance technicians and physical security
  • Insurance and internet connectivity

The Breakeven Formula

Miners calculate their operational breakeven by determining the exact hashprice at which daily power cost equals daily revenue:

$$\text{Breakeven Hashprice} = \text{Efficiency (J/TH)} \times \text{Electricity Cost ($/kWh)} \times 0.024$$

Example: A 20 J/TH machine with $0.05/kWh power has an operational breakeven of:
$$20 \times 0.05 \times 0.024 = $0.024 / \text{TH/s/day}$$

As long as market hashprice remains above $0.024/TH, that machine generates positive operational cash flow.

Takeaway

Hashprice standardizes mining performance across all machine generations and power costs, enabling investors to make rational decisions based on real-time network conditions.