Bitcoin Mining Squeeze: Hashprice Hits Five-Year Low
Bitcoin mining economics in 2026 is being driven by one key number: hashprice. This measures revenue per unit of computing power, and it has fallen to levels not seen since 2019.
Hashprice depends on four variables: network difficulty, the price of Bitcoin, block subsidy, and transaction fees. When these move against each other, miners face a squeeze that affects profitability.
In late 2025, hashprice peaked at $63 per PH/s per day but then fell to a five-year low in November, around $35-37 per PH/s per day. The decline continued into 2026, reaching a new post-halving low of $28-30 per PH/s per day by early March.
By May, hashprice had recovered slightly to $37.52 per PH/s per day but then dropped again in August to around $31.80 per PH/s per day. This is still below the level required for many miners to break even.
Miners are switching off machines due to the unprofitable conditions, with average network hashrate dropping 15% between October and January.