Bitcoin’s hashprice, a measure of daily miners’ income per Terahash, has experienced significant volatility over the past three months.
From late December 2024 to the end of March 2025, USD-controlled hash prices fell above $55 to below $49, peaking at $61.74 on March 10th at $61.74, indicating that environmental miners have moved as concelerators in the market over the quarter.
Hashprice reflects miners’ expected revenue per unit of calculation capacity (TH/S) per day. Usually quoted in USD and BTC. USD prices are sensitive to both the market price of Bitcoin and the network difficulty, while BTC prices separate profitability compared to block rewards and transaction fees.
Hashpris Surveillance provides a real-time view of minor economies and market stress. A decrease in hashprice means a decrease in profitability. This can promote yield among inefficient miners and affect sales behavior. It also affects network security as long periods of non-commerciality can lead to lower hashrates and changes in block production. Conversely, the rise in hashpris reflects an improvement in minor margins, often due to slower growth in BTC prices or difficulties.
From December 28, 2024 to March 28, 2025, USD Hashpris averaged $53.90, with significant variation. The period began at $55.51 and climbed to its peak at $61.74 on January 30th.
This rise followed Bitcoin’s strong performance at spot prices. This hovered about 0.000587 BTC while the BTC-depleted hashprice remained relatively stable during this time.
Following its peak in January, Hashpris began a steady decline on March 10th, reaching its low of $45.84. This drawdown suggested a slight reduction in the BTC-induced hashprice to 0.000566 BTC, suggesting a minor network difficulty adjustment or reduced fee revenue. However, the majority of the USD hashprice decline appears to be linked to weak spot prices for Bitcoin. This reduced the miners’ revenues, even though the network’s revenues from commissions remained largely unchanged.
In the final weeks of March, by March 28th, Hashpris had rebounded to $48.66. This 6% increase from the monthly lows reflects improvements in terms of conditions, perhaps due to short-term price recovery or favorable difficulty adjustments. The BTC-comprised hashprice remains stable throughout the month, with little disruption in network conditions.
The data show clear branching of minor conditions. January offered a profitable short window, perhaps attracting more hashrates and strengthening bullish sentiment. However, it is possible that the compression margins have decreased and higher cost miners have forced offline or shifted operational behavior.
The narrow range of hashprices made up of BTC throughout the quarter between 0.000555 BTC and 0.000589 BTC suggests that the network has adjusted relatively efficiently to incoming hashrates. Difficulty and block reward mechanics remained equilibrium.
This stability in this BTC terminology is combined with volatility in USD order, with Bitcoin’s fiat price having a dominant effect on mining revenue.
Hashprice trajectory over the past three months reflects the market that rose in January and then moved into the consolidation phase.
Tracking hashprices across this volatility has the potential to increase in miners’ balance sheet stress and sales pressure. When profitability decreases, miners often liquidate more BTC to cover operational costs and contribute to supply-side pressure.
Especially in the face of increased difficulty, a reduction in hashprice is an early warning of miner’s risk of yield, particularly near half-half events or price weakened periods.
Conversely, the rise in hashpris supports miners’ accumulation behavior, reduces forced sales, and signals increased positive margins. This tends to match bullish price momentum and can support the strength of the wider market.
The recent stabilization of USD Hashpris offers short-term relief, but profitability is below the quarterly average. Continuous pressure on margins may constrain future hashrate growth and encourage further network optimization.
Post-Bitcoin Hashpris stabilizes after a quarterly decline, but miner risk first appeared in encryption.
