Hash Price
Revenue earned per unit of hash power (USD per TH/s per day). This revenue measure does not include miners' costs or measure capitulation. The red line marks an S19 breakeven, assuming about 34 J/TH and electricity at about $0.05/kWh, electricity only: a different tariff or efficiency moves it.
What is it?
Hash Price divides total daily miner revenue (block subsidy and fees in USD) by the network's estimated hash rate (in TH/s). The result, expressed in USD/TH/day, describes daily gross revenue per unit of computing power. This revenue measure does not include miners' costs or measure capitulation.
How to read
A rise in hash price corresponds to more daily gross revenue per TH/s; a decline corresponds to less revenue. Compare levels, magnitude and duration of changes over the displayed period. The curve alone does not describe operators' profitability or arrivals of miners or hardware.
Key zones
The lines at 0.04 and 0.10 USD/TH/day are revenue reading references, not measurements of operators' profitability. The chart's 'S19' line is an order of magnitude, not a measured threshold: it assumes an S19 at about 34 J/TH and electricity at about $0.05/kWh, i.e. 0.0342 kW/TH x 24 h x $0.05 ≈ $0.041/TH/day. It covers electricity only, excluding cooling, depreciation and overhead; a different tariff or efficiency moves the line. The 0.10 line does not guarantee a positive net margin.
What to observe
Observe rises, declines and stabilisations in revenue per TH/s. Around a halving, compare levels before and after as well as the duration of changes. Stabilisation describes observed revenue; it does not establish BTC price or hardware efficiency as its cause.
Historical context
The history allows comparison of gross revenue per TH/s across periods. Maxima and minima refer to the available period. A change in revenue is not enough to establish a change in costs, the composition of mining hardware or net profitability.
Expert notes
The displayed series contains revenue per TH/s. Electricity, cooling and depreciation costs, entrants and hardware efficiency are not measured by this series. Comparison with costs requires separate data and explicit assumptions.
Common mistakes to avoid
Low hash price describes low gross revenue per TH/s. It is not enough to conclude that miners are shutting down. Confusing hash price (revenue) with profitability (revenue minus costs) is a reading error.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/metrics/hash-price/data?timeframe=90d' \
-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.