Bitcoin Hashprice Hits Five-Year Low Amid High Difficulty and Falling Revenue

Bitcoin’s hashprice has dropped to its lowest level in five years, according to Luxor, now standing at $38.2 per PH/s. Hashprice, a metric developed by Luxor, estimates the expected daily revenue generated by one terahash per second of mining power, typically expressed in USD or BTC. It reflects how much a miner can earn from a given amount of hashrate.

Hashprice is influenced by four main factors: network difficulty, Bitcoin’s price, block subsidies, and transaction fees. It rises with higher Bitcoin prices and transaction fees and falls as mining difficulty increases.

Currently, Bitcoin’s hashrate remains near record levels, exceeding 1.1 ZH/s on a seven-day moving average. The Bitcoin price sits around $91,000—roughly 30% below its October all-time high of over $126,000. Network difficulty is also near all-time highs at 152 trillion, while transaction fees remain extremely low, with high-priority transactions costing just $0.25 (or 2 sat/vB), according to mempool.space.

The hashprice decline coincides with a broader pullback in publicly traded Bitcoin mining stocks, even as many miners pivot toward AI infrastructure initiatives. The CoinShares mining ETF (WGMI) has fallen 43% from its peak and is trading just below $41, reflecting the sector-wide squeeze.