Hashprice is the industry’s unit economics in one number: what a unit of computing power earns in a day. It falls when the price falls and it falls when competitors add capacity, which means it is the variable that decides whether marginal capacity stays on.
$29.88
Per petahash per day, 31 July 2026
−49.6%
Change over one year
$28.7m
Total miner revenue that day
62,826USD
Bitcoin close used
Source: mempool.space, daily averages. Computed by Institutional Asset Journal.
Bitcoin miner revenue per petahash per day
Derived from daily rewards, hashrate and the Coinbase close.
Source: mempool.space, daily averages. Computed by Institutional Asset Journal.
The subsidy runs down on a schedule
The block subsidy halves roughly every four years and is written into the protocol. Everything else about the security budget is a market outcome, but that part is a known arithmetic decline. The open question, and it has been open for a decade, is whether transaction fees grow into the gap or whether the budget simply gets smaller.
How this was measured
- Hashrate, difficulty and per-block reward and fee averages are mempool.space daily series. Dollar figures apply the Coinbase daily close on the same date and assume the protocol’s target of 144 blocks a day, so a day that produced more or fewer blocks is smoothed. Rewards are the total paid to miners, subsidy plus fees, in satoshis per block; the fee share divides one by the other. Hashrate is a statistical estimate inferred from block times and difficulty rather than a measurement, and single-day readings are noisy for that reason, which is why the charts run long. A piece dated one day uses observations through the day before.
