Bitcoin Hashprice Hits Five-Year Low Amid Rising Difficulty and Falling Revenue
Bitcoin’s hashprice has fallen to a five-year low of $38.2 per PH/s, according to Luxor. The metric measures the expected daily revenue from one terahash per second of mining power, typically expressed in USD or BTC.
Hashprice is influenced by four main factors: Bitcoin’s price, network difficulty, block rewards, and transaction fees. It rises with higher prices and fees, and declines as difficulty increases.
Despite the drop in revenue, Bitcoin’s hashrate remains near record highs, exceeding 1.1 ZH/s on a seven-day moving average. Bitcoin is trading around $91,000, roughly 30% below its October all-time high of $126,000. Network difficulty is near historic highs at 152 trillion, and transaction fees remain low, with high-priority transactions costing just $0.25 (2 sat/vB), according to mempool.space.
The decline in hashprice is reflected in publicly traded mining stocks, even as many miners pivot toward AI infrastructure initiatives. The CoinShares mining ETF (WGMI) has dropped 43% from its peak and trades just below $41.
