August 5, 2025

10 min

Hashprice Explained: How to Calculate the Profitability of Mining

When choosing where to direct your mining power, profitability is everything. But what actually determines how much you earn per TH/s? That’s where the concept of hash price comes in. Let’s break it down — and show how real numbers from our recent experiment helped uncover which pool paid miners more.

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What is hashprice in simple words?

Hashprice is a core metric that shows how much money miners earn per unit of hashpower in a Proof-of-Work network like Bitcoin (BTC). It’s usually measured in BTC/TH/day, meaning the earnings per second per terahash of computing power, accumulated over a day. Practically, it tells you how much each terahash earns you daily if your mining equipment — typically an ASIC (Application-Specific Integrated Circuit) — runs continuously. Though you might come across resources that claim you can mine BTC on your phone — but realistically, that’s like digging for gold with a spoon compared to using industrial ASICs.

To put the hashprice definition simply, consider it your mining revenue scoreboard. The higher the hashprice, the more profitable your mining operation is. This number constantly shifts with market conditions, mining difficulty, block rewards, network activity, and hardware efficiency.

How is Bitcoin hashprice calculated?

To understand profitability, you need the hashprice formula:

Hashprice = (reward – pool fee) / hashrate per day

Each pool may offer a different reward scheme (FPPS, PPS+, PPLNS) and charge different fees, meaning the same miner could earn more or less depending on the pool. This value could also be defined as $/TH/s/day — dollars earned per terahash per second, per day of mining, or as BTC/TH/day.

What factors influence hash price?

Several variables affect the price of hash and, ultimately, your bottom line. Understanding each of them can help miners forecast potential changes in profitability and choose optimal strategies.

Subsidy of blocks

This is the core incentive behind Bitcoin mining — a fixed number of BTC awarded to the miner who successfully validates a block. As of now, the reward is 3.125 BTC due to the 2024 halving. These halving events occur every 210,000 blocks and effectively reduce the hashprice unless offset by higher transaction fees or Bitcoin price increases.

Network complexity (difficulty)

The Bitcoin network auto-adjusts its mining difficulty roughly every two weeks to maintain a stable block time of ~10 minutes. When more miners join the network or when more hashpower is deployed, difficulty increases, reducing individual miner rewards and pushing down hashprice — unless there’s a simultaneous increase in BTC price or transaction fees.

Transaction fees

In addition to block subsidies, miners earn fees paid by users for faster transaction confirmation. During network congestion — for instance, during bull runs or NFT minting waves — fees can significantly increase, temporarily boosting hashprice btc. This makes the miner’s income less reliant on the fixed subsidy.

BTC price

Since most miners convert their rewards to fiat, the price of Bitcoin in USD directly impacts profitability. For example, even with a constant reward structure, a rise in BTC price means the same hashpower generates more revenue in USD terms — raising the hashprice. This is why hashprice bitcoin often spikes during current crypto rates bull markets.

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Pool fee models and payout systems

Not all mining pools are created equal. Some pools use FPPS (Full Pay Per Share), PPS+ (Pay Per Share Plus), or PPLNS (Pay Per Last N Shares), each of which influences the final payout. Additionally, pool fees can range from 0% to 4% or higher, directly impacting net income and thus affecting effective hash crypto price for each miner.

Hardware efficiency and uptime

While not a direct factor in the market hashprice, a miner’s profitability depends on how efficiently their hardware converts electricity into hashpower. Lower uptime or high power consumption can result in lower realized earnings per TH/s, making hashprice a less accurate indicator without considering operational performance. This applies even to remote or cloud mining setups.

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Example of BTC hashprice chart for the last year

Over the past 12 months, Bitcoin hashprice USD per TH per day has shown notable fluctuations — dipping as low as $0.045/TH/s/day during bearish periods and recovering to around $0.058/TH/s/day in more favorable market conditions.

This kind of volatility is precisely why miners should track the Bitcoin hashprice index current value regularly and adjust their crypto mining strategies accordingly.

Below is a hashprice chart showing the monthly average hash value.

Case study: Comparing mining pool hashprice in real conditions

To see how pool choice affects real-world profitability and ensure data integrity, the WhiteBIT exchange product team conducted a controlled test from June 4–10, 2025, using identical Antminer S21 machines, standardized conditions, and default pool fees across five different mining pools:

• AntPool
• F2 Pool
• WhitePool
• Luxor
• ViaBTC

We recorded each pool’s daily hashprice using this formula:

Hashprice = (reward – pool fee) / average daily hash rate

Results

WhitePool showed consistently higher hashprice payouts across all seven days, thanks to its FPPS reward system and competitive fees.

Hashprice per day (per TH/s)

Example earnings for 100 PH/s

To see how that hashprice translates to earnings — and better understand the bitcoin hash rate price correlation — we scaled it up for a hypothetical miner with 100 PH/s of computing power:

Key takeaway: A miner with 100 PH/s would earn $866 more weekly on WhitePool than on the lowest-yielding pool.
That’s 0.0072 BTC extra — and the higher your hashrate, the bigger the gap.

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Conclusion

Understanding hashprice is essential for those who want to start mining BTC. It’s not just a metric — it’s your mining revenue in numbers.

If you want to optimize your setup, don’t just look at power efficiency or hardware — pay attention to hashprice, pool fees, reward models, and price chart of cryptocurrencies. It all adds up. By keeping an eye on both real-time current hashprice and monthly trends, miners can better align their operations with market cycles. Ultimately, profitability is not just about luck or equipment — it’s about understanding the numbers and acting accordingly.

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