Bitcoin Miner Cycle & Network Economics

Hashrate, difficulty, subsidy and theoretical hashprice — Bitcoin Core first. This is the compact Tools edition; the wider professional analysis workspace is available in the Charts Hub.

What is the Bitcoin Miner Cycle & Network Economics?

The Miner Cycle Dashboard combines network hashrate, difficulty, block subsidy and theoretical hashprice. It prefers a self-operated Bitcoin Core node and uses public raw network data only as fallback.

How do I use the Bitcoin Miner Cycle & Network Economics?

Watch whether hashrate and difficulty keep making highs while revenue per TH/s compresses. Rising hashrate with falling hashprice puts inefficient miners under greater pressure.

What should I watch out for?

Theoretical hashprice excludes transaction fees, pool fees, electricity and hardware efficiency. Use it for network comparison; use the Mining Calculator for actual profitability.

How the Bitcoin Miner Cycle & Network Economics works

This dashboard shows network hashrate, difficulty, block subsidy and a theoretical hashprice (USD earned per TH/s per day from the subsidy), plus one-year hashrate and difficulty trends. It helps miners and analysts gauge network-level margin pressure.

What you enter

  • None; it uses Bitcoin Core RPC when configured, otherwise public chain statistics, refreshed periodically.

What it shows

  • Network hashrate (TH/s), difficulty, block height and block subsidy
  • Theoretical hashprice (USD per TH/s per day)
  • Data mode (Bitcoin Core RPC or public fallback)
  • One-year hashrate trend and one-year difficulty trend charts

How to use it

  1. Read network hashrate, difficulty and block subsidy.
  2. Check the theoretical hashprice in USD per TH/s per day.
  3. Review the one-year hashrate trend.
  4. Compare it with the one-year difficulty trend.
  5. Multiply hashprice by your rig’s TH/s and subtract power cost, or use a mining calculator.

Formula

BTC per TH/s per day = (1 ÷ network hashrate in TH/s) × 144 × block subsidy. Hashprice (USD) = BTC per TH/s per day × BTC price.

Worked example

Network at 800 EH/s = 8×10^8 TH/s, subsidy 3.125, BTC at $100,000: 144 × 3.125 ÷ 8×10^8 = 5.625×10^-7 BTC per TH/s per day → × 100,000 = $0.05625 per TH/s per day.

How to read the result

  • Rising hashrate with flat price lowers hashprice and squeezes margins.
  • A halving cuts the subsidy and hashprice roughly in half overnight, all else equal.
  • Compare hashprice with your own power cost per TH per day to judge viability.

Limits and cautions

  • This is theoretical subsidy revenue only; it excludes transaction fees, pool fees and downtime.
  • A network average cannot represent every miner’s costs.
  • Hashrate is estimated from block production and is noisy in the short term.

Common questions

What is Bitcoin hashprice?

Expected revenue per unit of hashrate per day, shown here in USD per TH/s per day, based on the block subsidy and current network hashrate.

Does this hashprice include transaction fees?

No. It uses only the block subsidy, so real revenue is higher when fees are significant.

Why does rising hashrate hurt miners?

The block reward is fixed, so more total hashrate means each TH/s earns a smaller share.

🌡 Latest BTC cycle reading: 43/100 · Neutral Zone (as of 2026-10-19). BTC Cycle Thermometer: Bitcoin top or bottom?

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