Bitcoin mining’s hashprice—the expected daily revenue per unit of computing power typically measured in USD per petahash per second per day, or $/PH/s/day—has fallen to some of the lowest levels in recent years, with multiple reports highlighting new lows or near-record lows in early-to-mid 2026.
Hashprice measures how much revenue from block rewards plus transaction fees a miner can expect from 1 PH/s (petahash per second) of hashrate per day. It directly reflects mining profitability and is influenced by: Bitcoin’s price Network hashrate (total computing power). Mining difficulty (which adjusts roughly every two weeks to keep blocks ~10 minutes apart).
When Bitcoin’s price drops or hashrate, difficulty rises sharply, hashprice compresses, squeezing margins. In February 2026, hashprice hit all-time or post-halving lows around $0.03 per TH/s/day; equivalent to roughly $28–$32 per PH/s/day in various reports, amid a Bitcoin price decline from highs near $95,000–$126,000 toward the $60,000–$70,000 range.
This marked a roughly 35% drop year-over-year in some metrics and followed the 2024 halving’s long-term impact on rewards. As of late March 2026, current hashprice hovers around $31–$33 per PH/s/day, still near historic lows and pressuring less efficient operations.
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Network hashrate has fluctuated, recently dipping below 1 ZH/s (zetahash per second, or 1,000 EH/s) at times—down from peaks over 1.1–1.2 ZH/s in 2025—partly due to miners powering down unprofitable rigs. Difficulty has also seen notable drops (e.g., second-largest of 2026 recently), providing some relief by reducing competition.
Bitcoin price volatility: Sharp corrections directly lower revenue per hash. High hashrate and difficulty: More efficient machines and network growth increase competition, spreading rewards thinner. The 2024 halving cut block rewards in half; combined with subdued transaction fees at times, this has made 2025–2026 particularly challenging.
Energy price spikes, leading to curtailments or shutdowns. Many miners, especially those with higher electricity costs or older hardware, are operating at breakeven or losses. Estimates suggest 15–20% of the global fleet may be unprofitable at these levels, with some public miners reporting weighted average cash costs near $80,000 per BTC mined.
This has led to hashrate reductions, hardware price drops, and even some sales of BTC to cover expenses. Miners are adapting in several ways: Curtailment and energy trading: Shutting down during high power prices and earning credits from grids. Many large operations are repurposing infrastructure for artificial intelligence and high-performance computing, which can yield 5–10x higher revenue per MW than pure Bitcoin mining.
Listed miners have announced tens of billions in AI-related contracts, potentially shifting up to 70% of revenue away from BTC by end-2026. Efficiency improvements: Newer, more energy-efficient ASICs and better management software.
Historically, such periods of low hashprice and miner capitulation have preceded hashrate recoveries once difficulty adjusts downward and/or Bitcoin’s price rebounds. Lower hashrate can make remaining miners more profitable per unit of power.
Bitcoin trades around $66,000–$68,000, with hashrate near or below 1 ZH/s and hashprice still compressed. While painful for pure-play miners, these dynamics highlight Bitcoin’s resilient design: the network self-regulates via difficulty adjustments, and weaker players exit, strengthening long-term security.
This is a classic cyclical phase in mining economics—challenging in the short term but often setting up for stronger periods when conditions improve. They remain the best way to track ongoing developments.
