Bitcoin Hashprice Hits Five-Year Low as Mining Revenue Squeezes
Bitcoin’s hashprice has fallen to its lowest level in five years, now at $38.2 per PH/s, according to Luxor. The metric, developed by Luxor, estimates the daily revenue a miner can expect from one terahash per second of mining power, usually denominated in USD or BTC.
Hashprice is influenced by four main factors: Bitcoin’s price, network difficulty, block rewards, and transaction fees. It increases with higher Bitcoin prices and transaction fees but declines as mining difficulty rises.
Bitcoin’s hashrate remains near record highs, exceeding 1.1 ZH/s on a seven-day moving average, while the price sits around $91,000—roughly 30% below October’s all-time high of $126,000. Network difficulty remains near historic highs at 152 trillion, and transaction fees are extremely low, with high-priority transactions costing just $0.25 (2 sat/vB), according to mempool.space.
The hashprice decline is reflected in publicly traded Bitcoin mining stocks, even as many miners pivot to AI infrastructure initiatives. The CoinShares mining ETF (WGMI) has dropped 43% from its peak and trades just below $41.
