Every Bitcoin miner gets paid based on one number: hashprice. It determines how much revenue every terahash of computing power can generate and is the fastest way to estimate mining revenue per TH/s without doing a full ROI calculation. However, it’s also one of the most misunderstood metrics in mining, because it’s usually quoted per PH/s (petahash) while most people think in terms of their own miner’s TH/s (terahash) output.
This post breaks down what hashprice today actually is, how it turns into daily mining earnings per TH, why it’s moved so much in 2026, and how to apply it to your own hardware.
What Is Hashprice, Exactly?
Hashprice is the expected daily revenue for one unit of hashrate on the Bitcoin network. It’s typically expressed in two ways:
- USD hashprice: dollars earned per petahash per second (PH/s) per day
- BTC hashprice: bitcoin earned per PH/s per day
Pools calculate it using a lagging average of transaction fees (typically over the last 144 blocks, or roughly one day) combined with the current spot price of Bitcoin. This is the same formula most pools use to pay out hashrate under FPPS (Full Pay Per Share) arrangements, so hashprice isn’t just a theoretical number; it’s close to what you’ll actually see credited to your account, before pool fees.
Hashprice moves with every new block, driven by four inputs:
- Block subsidy — the fixed BTC reward per block (currently 3.125 BTC post-2024 halving)
- Transaction fees — variable, and can swing meaningfully week to week
- Network difficulty — adjusts roughly every two weeks based on how much hashrate is competing for blocks
- Bitcoin’s spot price — the main driver of USD-denominated hashprice when difficulty and fees are stable
In general, hashprice rises when BTC price or transaction fees increase, and falls when difficulty increases: more competing hashrate means each PH/s earns a smaller slice of the fixed block reward.
Hashprice Today
As of mid-July 2026, USD hashprice sits at approximately $30.88 per PH/s/day, with BTC hashprice at roughly 0.000497 BTC per PH/s/day. For context on the broader network at the same point:
- Bitcoin price: ~$62,000, down about 29% year-to-date
- Network hashrate: 7-day average around 879 EH/s, after a sharp pullback from roughly 939 EH/s the prior week
- Network difficulty: 127.17T, following a -5.00% adjustment in mid-July
- Transaction fees: a relatively small share of miner revenue recently, averaging around 0.02 BTC per block per day
At current levels, hashprice is close to breakeven for many mining operations, with profitability depending primarily on hardware efficiency and electricity costs. Because hashprice changes continuously with Bitcoin’s price, network difficulty, and transaction fees, it’s more useful to understand how it’s calculated than to focus on any single day’s value.
From Hashprice to Mining Revenue Per TH/s
Hashprice is quoted per PH/s, but ASIC miners are rated in TH/s. Since 1 PH/s equals 1,000 TH/s, converting is simple division:
Revenue per TH/s per day = USD Hashprice ÷ 1,000
At today’s hashprice of $30.88/PH/s/day, that works out to:
~$0.0309 per TH/s per day
That’s the core number behind daily mining earnings per TH. Every terahash of hashrate you point at the network earns roughly 3.1 cents per day before power costs, at current conditions. From there, your total daily revenue is simply:
Daily Revenue = Your Hashrate (TH/s) × Revenue per TH/s
Daily Mining Earnings Per TH, By Miner
Applying that per-TH/s figure to current-generation SHA-256 hardware gives a clean picture of gross daily revenue, before electricity and any pool fees:
| Miner | Hashrate | Revenue per TH/s/day | Estimated Daily Revenue |
| Antminer S21 XP | 270 TH/s | $0.0309 | ~$8.34 |
| Antminer S21 Pro+ | 234 TH/s | $0.0309 | ~$7.23 |
| Antminer S21++ | 225 TH/s | $0.0309 | ~$6.95 |
| Antminer S21 Pro (220T) | 220 TH/s | $0.0309 | ~$6.79 |
Notice that revenue per TH/s is identical across every machine. It’s a network-wide figure, not a hardware-specific one. What separates one miner’s profitability from another’s is efficiency (J/TH) and electricity cost, not the revenue side of the equation. An older or less efficient machine earns the same $0.0309 per TH/s as an efficient one; it just burns more power getting there. That distinction is the single most useful takeaway from thinking in per-TH/s terms rather than per-machine terms.
Why Hashprice Moved So Much in 2026
Looking at the trend over the past several months helps explain why mining margins have tightened across the industry.
| Date | USD Hashprice(per PH/s/day) | BTC Price(approx.) |
| Jan 5, 2026 | $40.08 | $94,143 |
| Jan 26, 2026 | $39.22 | $88,037 |
| Feb 16, 2026 | $34.00 | $68,864 |
| Feb 23, 2026 | $28.25 | $64,912 |
| Mar 9, 2026 | $30.18 | $68,869 |
| Mar 16, 2026 | $32.30 | $74,170 |
| Jun 1, 2026 | $32.56 | $71,085 |
| Jun 8, 2026 | $28.94 | $63,374 |
| Jul 13, 2026 | $30.88 | $62,042 |
A few patterns stand out:
- BTC price is doing most of the work. Hashprice’s broad decline over the year tracks Bitcoin’s price decline almost directly, from ~$94K in January to ~$62K in July.
- Difficulty swings amplify short-term moves. Difficulty has swung by double digits in either direction within single adjustment periods this year (a -11.16% drop in early February followed by a +14.73% jump later that month, for example), which pushes hashprice up or down independently of price.
- Hashrate itself has been volatile. The network hashrate has swung between roughly 870 and over 1,000 EH/s at points this year, as marginal miners power down when margins compress and power back on when conditions improve, a self-correcting mechanism that keeps hashprice from falling indefinitely.
Hashprice vs. What You Actually Take Home
Hashprice tells you gross revenue per unit of hashrate; it does not account for:
- Pool fees, typically 0–2.5% depending on payout scheme
- Electricity cost, which varies enormously by location and contract
- Curtailment, if your hosting arrangement powers down during peak-price hours
- Hardware efficiency, since less efficient miners need more power (and thus more cost) to produce the same TH/s
Two miners can have identical revenue per TH/s and completely different net profitability once electricity is factored in. If you want to go from “revenue per TH/s” to “actual take-home profit,” you need your specific power draw and electricity rate — which is exactly what our Bitcoin Mining Calculator and Profitability Calculator are built to do, using live hashprice data rather than a static number from an article.
Where to Track Hashprice Going Forward
Because hashprice changes continuously, miners should rely on live data rather than historical snapshots when evaluating hardware purchases or hosting decisions. ValueHash’s mining calculators automatically use current network conditions, allowing you to estimate revenue and profitability without manually tracking hashprice.
Understanding Hashprice Helps You Make Better Mining Decisions
Hashprice is one of the most important metrics in Bitcoin mining because it provides a real-time view of how much revenue each unit of hashrate can generate. While it doesn’t account for electricity costs or hardware efficiency, it offers the fastest way to compare miners, estimate revenue, and understand how changing network conditions affect profitability.
At ValueHash, we help miners go beyond raw hashprice by providing live profitability calculators, ASIC comparisons, and professional hosting solutions backed by competitive U.S. power rates. Whether you’re evaluating a new miner or optimizing an existing operation, using current network data is the best way to make informed investment decisions.