Hash Price
Revenue earned per unit of hash power (USD per TH/s per day). The fundamental profitability metric for miners - when hash price drops near cost of production, capitulation typically follows.
What is it?
Hash Price, developed by Luxor, divides total daily miner revenue (subsidy + fees in USD) by the network's estimated hash rate (in TH/s). The result, expressed in USD/TH/day, represents the revenue a hypothetical miner earns for each terahash of computing power deployed. It is the most direct measure of unit mining profitability, as it normalises revenue by competition. When hash price falls below the operational cost per TH/s of the least efficient miners, capitulations follow.
How to read
High hash price indicates each TH/s is highly profitable - attracting new entrants and hardware. Low hash price creates natural selection pressure: only the most efficient miners survive. The long-term hash price trend is structurally declining (more competition + halvings), punctuated by cyclical spikes during bull markets.
Key zones
Critical hash price zones evolve with each ASIC hardware generation - a hash price structurally below ~$0.04/TH/day has historically strained operators using ageing hardware (S19 generation and earlier), while above ~$0.10/TH/day even less efficient operators remain profitable. These thresholds gradually shift downward as J/TH efficiency improves with each new generation.
What to observe
Convergence between hash price and estimated marginal miner operational costs is the most direct stress indication. Also watch the post-halving decline speed: a hash price that stabilises quickly after a halving indicates price appreciation and/or efficiency improvements are absorbing the shock.
Historical context
Hash price dropped from several dollars/TH/day in the GPU era (pre-2013) to a few cents post-2024-halving. This structural compression reflects exponential hash rate growth. Each halving mechanically halves hash price at transition; only a proportional BTC price rally can compensate this dilution. Hash price reaches absolute USD ATHs only during the most euphoric cycle tops.
Expert notes
Hash price is an imperfect proxy for actual profitability as it does not account for costs (electricity, cooling, depreciation). 'Hash cost' (cost per TH/s) ranges from $0.02 to $0.08 depending on geography and efficiency, creating a profitability gradient within the industry. 'Hash price - hash cost' is the net margin - but hash cost is opaque and not observable on-chain.
Common mistakes to avoid
Low hash price does not mean 'mining is dead'. It reflects intense competition where only the most efficient survive - which is precisely how the protocol is designed to work. Confusing hash price (revenue) with profitability (revenue - costs) is the most common error.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/hash-price/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "hash-price",
"timeframe": "1y"
}Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
Related metrics
Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.