Bitcoin’s hashprice, which indicates the daily revenue miners earn per terahash, has seen notable fluctuations over the last three months.
Between late December 2024 and the end of March 2025, the hashprice in USD dropped from over $55 to below $49, peaking at $61.74 on January 30 and falling to a low of $45.84 on March 10. This represents a 25% decline over the quarter, highlighting the challenging margin conditions miners are facing as the market undergoes consolidation.
Hashprice is a reflection of a miner’s anticipated earnings per terahash (TH/s) each day. It is usually expressed in both USD and BTC. The dollar value is affected by Bitcoin’s market price as well as changes in network difficulty, while the BTC value focuses on profitability concerning block rewards and transaction fees.
Keeping an eye on hashprice offers an up-to-date perspective on miner economics and market pressures. A declining hashprice suggests lowered profitability, which can lead to capitulation among less efficient miners, impacting their selling strategies. This trend also influences network security, as extended periods of unprofitability could result in decreases in hash rate and slower block production. On the other hand, a rising hashprice indicates better margins for miners, typically due to increased BTC prices or slower growth in difficulty.
From December 28, 2024, to March 28, 2025, the USD hashprice averaged out at $53.90, displaying significant variability. It started the period at $55.51 and peaked at $61.74 on January 30.
This increase coincided with a strong performance in Bitcoin’s spot price, while the BTC hashprice maintained stability during this period, remaining around 0.000587 BTC.
After the January peak, hashprice began a consistent decline, hitting a low of $45.84 on March 10. This downturn followed a slight reduction in the BTC-denominated hashprice to 0.000566 BTC, indicating possible minor adjustments in network difficulty or decreased fee income. Nonetheless, the majority of the USD hashprice drop appears linked to weaker Bitcoin spot prices, which reduced miner revenues even though network income from fees stayed relatively constant.
The latter part of March showed a slight rebound, with hashprice rising to $48.66 by March 28. This 6% increase from the monthly low suggests improving conditions, potentially due to a brief recovery in price or favorable difficulty adjustments. The BTC hashprice stayed stable throughout the month, reflecting minimal disruption to network stability.
The data highlights a distinct divide in miner conditions. January offered a brief period of heightened profitability, likely attracting greater hash rate and bolstering bullish sentiment. However, the subsequent decline has slimmed margins, possibly leading to higher-cost miners going offline or altering their operational strategies.
The relatively narrow range of BTC-denominated hashprice over the quarter, fluctuating between 0.000555 BTC and 0.000589 BTC, indicates that the network adjusted fairly efficiently to incoming hash rate. Mechanics of difficulty and block rewards helped maintain balance.
This stability in terms of BTC, contrasted with volatility in USD, underscores the significant impact of Bitcoin’s fiat price on mining revenues.
The hashprice trajectory over the past three months reflects a market that surged in January but has since entered a phase of consolidation.
Monitoring the hashprice through this volatility provides insights into miner financial stress and the possibility of increased selling pressure. When profitability declines, miners often liquidate more BTC to cover operational expenses, adding to supply-side pressure.
A falling hashprice, especially alongside rising difficulty, serves as an early indicator of capitulation risk among miners, particularly around halving events or during price declines.
In contrast, a rising hashprice encourages miner accumulation, alleviates the need for forced selling, and signals positive margin expansion. This tends to correspond with bullish price trends and can bolster overall market resilience.
While the recent stabilization in USD hashprice offers some immediate relief, profitability remains below the quarterly average. Ongoing pressure on margins could limit future hash rate growth and encourage further network efficiencies.