Revenue per TH/s

Revenue per TH/s (also called "hashprice") is the daily revenue a miner earns per terahash per second of hash rate. It's the headline economic indicator for Bitcoin mining: a single number that tells you whether mining is profitable at a given time for typical hardware and electricity costs.

The formula:

revenue per TH/s per day = (subsidy + fees per block) * blocks per day / network hash rate in TH/s

Using June to August 2026 averages, the math works out to:

• Subsidy + fees: ~3.125 BTC + ~0.02 BTC = ~3.15 BTC per block
• Blocks per day: ~144
• Network hash rate: ~910 EH/s = 910,000,000 TH/s

So daily revenue per TH/s was roughly 3.15 * 144 / 910,000,000 = ~5 * 10^-7 BTC per TH/s per day. At the average BTC price over those three months, about $65,000, that came to about $0.03 per TH/s per day.

What miners actually look at:

• Hashprice trend. Tracked daily on Hashrate Index, Luxor, Compass Mining and similar dashboards.
• Break-even electricity cost. An Antminer S21 Pro (released 2024) uses about 15 J/TH, so each TH/s draws 15 watts, or 0.36 kWh a day. At $0.05/kWh that costs about $0.018 per TH/s per day, so at any hashprice below that, the machine loses money on electricity alone.
• Halving impact. Each halving cuts the subsidy in half, immediately halving hashprice unless fees rise to compensate. The post-April-2024 halving compressed margins significantly; post-2028 will compress them further.
• Fee-share trend. As subsidy declines, fees become a larger proportion of revenue. Hashprice in the 2030s will increasingly depend on fee-market conditions rather than the predictable subsidy schedule.

The metric is most useful for break-even analysis and timing hardware upgrades. A modern efficient ASIC stays profitable at lower hashprice than an older inefficient one; the ratio between current hashprice and a given ASIC's break-even hashprice tells you whether to keep mining or power down.