Bitcoin Miner Revenue Per TH/s Calculator

Revenue Per TH/s: The Core Mining Metric

Revenue per terahash (TH/s) is the most fundamental metric in Bitcoin mining economics. It normalizes earnings across different hardware configurations, fleet sizes, and operational scales into a single number: how much BTC or USD does one terahash of computational power earn per day? The mining industry calls this metric hashprice, typically quoted as $/TH/day or $/PH/day.

Unlike raw revenue figures that depend on fleet size, hashprice lets you compare the economics of a single S21 XP in your garage against a 500 MW industrial operation on equal footing. When hashprice drops below your all-in cost per TH/day (electricity plus hosting plus pool fees), you are mining at a loss regardless of scale.

The Revenue Per TH/s Formula

Daily BTC revenue per terahash derives from your proportional share of the network's total hashrate. The formula using difficulty is:

Daily BTC per TH/s = (10^12 × 86,400 × Block Reward) / (Difficulty × 2^32)

An equivalent form using network hashrate directly:

Daily BTC per TH/s = (144 × Block Reward) / Network Hashrate (in TH/s)

With the current block reward of 3.125 BTC (set by the April 2024 halving) and 144 blocks per day, total daily issuance is 450 BTC. Transaction fees add roughly 0.1 to 0.5 BTC per block on average, though fee spikes during congestion can push this significantly higher. To convert BTC hashprice to USD hashprice, multiply by the current Bitcoin spot price.

Worked Example: November 2026

The following table walks through a revenue calculation using approximate network conditions as of November 2026. Difficulty stands near 148T following the October 29, 2026 adjustment, and network hashrate hovers around 1,000 EH/s (1,000,000,000 TH/s).

At these network conditions, a miner running 100 TH/s would earn roughly 0.000047 BTC per day before costs. Whether that covers electricity depends entirely on hardware efficiency and power rates. Use our Bitcoin mining profitability calculator to plug in your specific hardware and electricity rate.

Hashprice: Historical Context

Hashprice has declined structurally over Bitcoin's history as network difficulty grows and block subsidies halve. Understanding this trend is critical for evaluating mining investments. The metric peaked at $0.41/TH/day on October 20, 2021, when BTC traded near $67,000 and network hashrate was roughly 150 EH/s.

The pattern is clear: hashprice compression is relentless. Even during the 2024-2025 bull market, the April 2024 halving cut the block subsidy from 6.25 to 3.125 BTC, immediately halving hashprice in BTC terms. BTC price appreciation partially offset this, but rising difficulty from new ASIC deployments further compressed margins. For a deeper analysis of the post-halving mining landscape, see our research on Bitcoin mining economics in 2026.

Hardware Efficiency and Cost Per TH/s

Your net profit per TH/s depends on how efficiently your hardware converts electricity into hashes. This is measured in joules per terahash (J/TH): lower values mean less energy consumed per unit of hash power. The gap between a 12 J/TH machine and a 26 J/TH machine represents more than double the electricity cost for the same revenue.

To calculate electricity cost per TH/day: multiply J/TH by 86,400 (seconds per day) to get joules per TH per day, divide by 3,600,000 to convert to kWh, then multiply by your electricity rate. For a 13.5 J/TH machine at $0.07/kWh:

13.5 × 86,400 / 3,600,000 × $0.07 = $0.0227/TH/day electricity cost

If hashprice sits at $0.05/TH/day, your gross margin per TH is $0.05 - $0.023 = $0.027, or about 54%. A less efficient 26 J/TH machine would consume $0.044/TH/day in electricity, leaving only $0.006 margin at the same hashprice. This is why the ASIC efficiency race determines which miners survive difficulty increases. For a breakdown of efficiency trends across generations, see our guide on ASIC efficiency and J/TH ratios.

Electricity Rates by Region

Electricity is typically 60-80% of ongoing mining costs. The US industrial average sits around $0.084/kWh (EIA 2024 annual average), but miners rarely pay the published average. Large operations negotiate interruptible load contracts, co-locate with stranded energy sources, or operate in jurisdictions with surplus hydro or gas.

• Texas ERCOT industrial: $0.03-$0.07/kWh (varies by contract and curtailment)
• Quebec/Manitoba hydro: $0.03-$0.05/kWh (allocated industrial blocks)
• US national industrial average: ~$0.084/kWh (EIA)
• Hosted/colocation (all-in): $0.055-$0.085/kWh (power + hosting fee)
• Residential (US average): $0.12-$0.17/kWh

At current hashprice levels, miners paying above $0.08/kWh on older-generation hardware face thin or negative margins. The break-even electricity rate for a given machine is: Break-even $/kWh = Hashprice ($/TH/day) / (J/TH × 86,400 / 3,600,000). Check our electricity rate comparison by state for current regional data.

Pool Fees and Payout Methods

Nearly all miners join mining pools rather than mining solo. Pool fees typically range from 0% to 2.5% of gross revenue, depending on the pool and payout method. The three dominant payout structures are:

• FPPS (Full Pay Per Share): pays a fixed amount per valid share, including estimated transaction fees. Fee: typically 2-2.5%. Predictable but expensive.
• PPLNS (Pay Per Last N Shares): distributes block rewards proportionally based on recent shares contributed. Fee: typically 0-1%. Variable payouts but lower fees.
• PPS+ (Pay Per Share Plus): guaranteed subsidy payout plus proportional fee distribution. Fee: typically 1-2%.

As of November 2026, Foundry USA leads pool distribution with roughly 26-28% of network hashrate, followed by AntPool at 15-22% and F2Pool at approximately 15-17%. For a detailed breakdown of pool payout structures, see our mining pool payout comparison.

How Difficulty Adjustments Affect Revenue Per TH

Bitcoin's difficulty adjustment recalibrates every 2,016 blocks (roughly every two weeks) to maintain the 10-minute average block time. When total network hashrate increases, difficulty rises proportionally, and revenue per TH/s falls. When miners leave the network, difficulty drops and per-TH revenue recovers.

This creates a self-correcting economic cycle. When hashprice is high, new miners deploy hardware, pushing difficulty up and hashprice down. When hashprice falls below break-even for less-efficient machines, those miners shut down, difficulty eventually decreases, and hashprice recovers for survivors. The difficulty ribbon indicator tracks this cycle by plotting moving averages of difficulty growth. Ribbon compression signals miner capitulation, which historically precedes hashprice recoveries.

Halving Events and Long-Term Revenue Trends

Every 210,000 blocks (approximately four years), the block subsidy is cut in half. The most recent halving occurred on April 20, 2024, at block 840,000, reducing the reward from 6.25 to 3.125 BTC. The next halving is projected for approximately April 2028 at block 1,050,000, when the reward drops to 1.5625 BTC.

Each halving immediately cuts BTC-denominated hashprice by 50%. Historically, BTC price appreciation in the 12 to 18 months following a halving has more than offset this reduction in USD terms, but the recovery is never guaranteed. Miners who cannot survive the post-halving compression period are forced to shut down or sell hardware. For miners evaluating long-term ROI, the halving schedule is the single most predictable variable in the entire profitability equation. See our halving economics analysis for historical data on post-halving price and difficulty behavior.

Transaction Fees as Revenue

As block subsidies decrease with each halving, transaction fees become an increasingly important share of miner revenue. The fee market is driven by demand for block space. During periods of network congestion, fees can spike dramatically: the Ordinals and BRC-20 wave in 2023-2024 temporarily pushed per-block fees above 1 BTC on several occasions.

In normal conditions (mid-2026), average fees sit at roughly 0.1-0.2 BTC per block, contributing about 3-6% of total miner revenue. The long-term viability of the fee-only security budget remains an open question. For revenue-per-TH calculations, using subsidy-only figures gives a conservative baseline; adding average fees gives a more realistic estimate.

Hash Rate Derivatives and Hedging

Miners can hedge hashprice exposure using hash rate derivatives, financial contracts that pay out based on future hashprice levels. These instruments let miners lock in a guaranteed revenue per TH/s for a defined period, protecting against difficulty spikes or BTC price drops. Luxor's hashprice derivatives and Blockstream's mining notes are examples of products in this space.

For industrial miners, hedging can mean the difference between surviving a bear market and being forced to liquidate hardware at distressed prices. Retail miners generally lack access to these instruments, making their revenue per TH/s fully exposed to market conditions.

Converting Mining Revenue to Stablecoins

Many miners convert a portion of their BTC revenue to stablecoins to cover fiat-denominated operating expenses like electricity and hosting. This is particularly common among industrial operations that need predictable cash flow for debt service. On Bitcoin's native layer, miners can use Spark to convert BTC to USDB without bridging to another chain, enabling fast settlement for operational payments while keeping funds within the Bitcoin ecosystem.

Frequently Asked Questions

How much does 1 TH/s earn per day in Bitcoin mining?

At approximately 1,000 EH/s network hashrate and a 3.125 BTC block reward, 1 TH/s earns roughly 0.00000047 BTC per day (subsidy only). In USD, this translates to approximately $0.03-$0.08 depending on the current BTC price. This figure changes continuously as difficulty adjusts every 2,016 blocks and as BTC price fluctuates.

What is hashprice and why does it matter for miners?

Hashprice is the USD revenue a miner earns per terahash of hash rate per day, before deducting costs. It distills Bitcoin price, network difficulty, block reward, and transaction fees into a single metric. Miners compare hashprice against their all-in cost per TH/day to determine profitability. When hashprice falls below cost per TH/day, the operation is unprofitable.

How does the Bitcoin halving affect mining revenue per TH/s?

Each halving cuts the block subsidy in half, immediately reducing BTC-denominated revenue per TH/s by 50%. The most recent halving in April 2024 dropped the reward from 6.25 to 3.125 BTC. The next halving around April 2028 will reduce it further to 1.5625 BTC. Historically, BTC price increases in the months following a halving have partially or fully offset the subsidy reduction in USD terms.

What is a good J/TH efficiency for Bitcoin mining in 2026?

As of 2026, top-tier air-cooled ASICs achieve 13.5 J/TH (Antminer S21 XP), and the best hydro-cooled units reach 12.0 J/TH (Antminer S21 XP Hydro). Machines above 20 J/TH face tight margins at current hashprice levels unless operating with very cheap electricity (below $0.04/kWh). The efficiency frontier has been improving at roughly 9% per year, down from faster gains in earlier ASIC generations.

What electricity rate do I need to mine Bitcoin profitably?

Break-even electricity rate depends on your hardware efficiency and the current hashprice. For a 13.5 J/TH machine at a hashprice of $0.05/TH/day, the break-even rate is approximately $0.137/kWh. For a 17.5 J/TH machine at the same hashprice, it drops to about $0.106/kWh. Most profitable mining operations target electricity rates below $0.07/kWh. At residential rates above $0.12/kWh, only the most efficient hardware can maintain positive margins.

How does network difficulty affect my mining revenue?

Network difficulty and revenue per TH/s are inversely related. When difficulty increases, each TH/s earns proportionally less BTC. Difficulty adjusts approximately every two weeks based on actual block production speed. If blocks are found faster than the 10-minute target (because hashrate increased), difficulty rises. If blocks are slower (hashrate decreased), difficulty falls. Current difficulty sits near 148T as of November 2026.

Should I mine Bitcoin or just buy it?

Mining is only economically rational when your all-in cost per BTC (electricity, hardware depreciation, hosting, pool fees, maintenance) is lower than the market price. At $0.07/kWh with a 13.5 J/TH machine, your electricity cost per BTC is substantial. Most retail miners would accumulate more BTC by dollar-cost averaging purchases on an exchange. Mining makes sense primarily for those with access to very cheap electricity, tax advantages from depreciation, or strategic reasons like earning non-KYC Bitcoin.

This tool is for informational purposes only and does not constitute financial advice. Mining profitability data is approximate and based on publicly available information. Network difficulty, hashrate, BTC price, and transaction fees change continuously. Always verify current conditions before making mining investment decisions.