Economics · Guide
What is hashprice? The number that decides mining profit
Every Bitcoin mining decision, from buying a machine to spotting a scam, comes down to one number: how much a terahash of mining actually earns in a day.
Hashprice is the expected revenue from 1 TH/s of mining for one day. On 8 November 2026 it was about $0.032 (42.7 sats) per TH/s per day, before electricity. If an offer pays more than that per TH/s, it isn't paying you from mining.
How hashprice is calculated
Bitcoin pays a block reward to whoever finds a valid block, roughly every ten minutes. Each hash a machine computes is one lottery ticket, and network difficulty sets the odds: on average a block takes difficulty × 232 hashes to find. A machine running at 1 TH/s computes 86,400 × 1012 hashes a day. Put those together:
Here is the calculation with real numbers from block 975,105 on 8 November 2026:
| Input | Value |
|---|---|
| Average block reward (3.125 BTC subsidy + fees) | 3.1503 BTC |
| Network difficulty | 148.36 T |
| Bitcoin price | $74,318 |
| Hashprice in bitcoin | 4.27 × 10⁻⁷ BTC (42.7 sats) |
| Hashprice in dollars | $0.0317 |
Data: mempool.space. The block reward is the average over the 144 blocks up to #975,105.
What moves hashprice
- Bitcoin's price. The reward is paid in BTC, so the dollar hashprice moves one for one with the price, instantly.
- Difficulty. Every 2,016 blocks (about two weeks) the network adjusts difficulty to keep blocks near ten minutes. More machines switching on means higher difficulty and a lower hashprice for everyone.
- Transaction fees. Fees are added to the subsidy. In early November 2026 they were under 1% of miner revenue, but they can spike when the network is busy.
- The halving. At block 1,050,000, expected around spring 2028, the subsidy halves from 3.125 to 1.5625 BTC. At the same price and difficulty, hashprice roughly halves too. More on the 2028 halving.
From hashprice to profit
Hashprice is revenue. To get profit you subtract electricity, and the conversion is simple once you know your machine's efficiency in joules per terahash (J/TH):
Take an Antminer S21 XP (270 TH/s, 13.5 J/TH) on power at $0.050/kWh. It costs $0.0162 per TH/s per day to run. Revenue after a 2% pool fee is $0.0311. That leaves $0.0149 per TH/s per day, or about $4.03 a day for the whole machine at 8 November 2026 prices, before the machine's own cost.
Break-even power price by machine
Flip the formula around and you get the most you can pay for power before a machine loses money. It is the clearest single test of whether a machine is worth running.
| Example machine | Efficiency | Break-even today | After 2028 halving* |
|---|---|---|---|
| Antminer S21 XP Hydro | 12.0 J/TH | $0.108/kWh | $0.054/kWh |
| Antminer S21 XP | 13.5 J/TH | $0.096/kWh | $0.048/kWh |
| Antminer S21 Pro | 15.0 J/TH | $0.086/kWh | $0.044/kWh |
| Antminer S21 | 17.5 J/TH | $0.074/kWh | $0.037/kWh |
| Antminer S19 XP | 21.5 J/TH | $0.060/kWh | $0.030/kWh |
| Antminer S19j Pro | 29.5 J/TH | $0.044/kWh | $0.022/kWh |
Hashprice $0.0317 per TH/s per day (8 Nov 2026), after a 2% pool fee. *Same price and difficulty, with fees at their November 2026 share of revenue. Break-even covers electricity only, not the machine's purchase price.
The pattern is stark. Older machines need very cheap power today and become hard to run after the halving. That is why efficiency, not raw hashrate, is the spec that matters most.
Use hashprice to sanity-check any offer
Divide a provider's promised daily payout by the TH/s they say you're buying. If the result is higher than hashprice, they are promising more than the entire Bitcoin network pays for that hashrate, before anyone pays for electricity.
Example: an offer of $1.40 a day for 25 TH/s works out to $0.056 per TH/s per day, about 1.8 times the November 2026 hashprice. That money can't come from mining. Our scam checker runs this test against live numbers, and the full method is in Is cloud mining legit?
Where to check hashprice
The live figure at the top of this page and on our homepage is calculated from public network data. You can also check difficulty and fees directly on mempool.space, and Hashrate Index publishes a widely used hashprice index.
Quick answers
What is a good hashprice?
There is no fixed good level. What matters is hashprice compared with your cost per terahash per day, which depends on your machine's efficiency and your power price. In November 2026 hashprice was about $0.032 per TH/s per day, enough for a 13.5 J/TH machine to break even at roughly $0.096 per kWh.
How often does hashprice change?
Continuously. It moves with Bitcoin's price every second, with transaction fees every block, and with network difficulty every 2,016 blocks, roughly every two weeks. It also halves, all else equal, at each halving.
Run your own numbers
Our calculator starts from live hashprice, includes the 2028 halving, and tells you plainly whether mining beats simply buying bitcoin.
Open the mine-or-buy calculator