Bitcoin Hashprice Falls to Five-Year Low Amid Record Difficulty and Lower Revenue
Bitcoin’s hashprice has dropped to its lowest level in five years, now sitting at $38.2 per PH/s, according to Luxor. Hashprice—a metric introduced by Luxor—measures the expected daily revenue generated by one terahash per second of mining power, typically expressed in USD or BTC. It reflects how much miners can earn from a given hashrate.
Hashprice is determined by four key factors: network difficulty, Bitcoin’s price, block rewards, and transaction fees. It rises when Bitcoin prices or fee volume increase and declines as network difficulty climbs.
Despite this drop, Bitcoin’s hashrate remains near record levels, exceeding 1.1 ZH/s on a seven-day moving average. The Bitcoin price hovers around $91,000, roughly 30% below its October all-time high of $126,000, while network difficulty remains near all-time highs at 152 trillion. Transaction fees are extremely low, with high-priority transactions costing just $0.25 (2 sat/vB), according to mempool.space.
The decline in hashprice is mirrored in publicly traded Bitcoin mining stocks, even as many miners pivot toward AI infrastructure projects. The CoinShares mining ETF (WGMI) has fallen 43% from its peak and currently trades just below $41.
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