Bitcoin Mining Profitability Calculator: Hashprice, Power Cost & Break-Even BTC Price

 

A mainstream 270 TH/s mining rig currently grosses about $10.5 a day. That figure comes straight off the live dashboard at Luxor's Hashrate Index, where hashprice sits at $39.05 per PH/s per day, network hashrate runs near 1,014 EH/s and projected difficulty stands at 132.72 T. Bitcoin itself traded around $83,750 on October 13 according to CoinGecko data, after dipping toward $81,000 intraday.

 

Price is not far off its highs. Miner revenue per unit of hashrate is close to its lows. The CoinShares mining report for the second quarter of 2026 records hashprice bottoming at an all-time low of $27.7 per PH/s per day in June, against a July 2025 peak near $63, and puts the weighted average cash cost across listed miners at roughly $75,500 per bitcoin. For a meaningful slice of the industry, mining has stopped being a business where a rising coin price fixes everything, and become a margin calculation set by power price, machine efficiency and network difficulty.

 

Three numbers settle it: what the machine earns, what the power costs, and at what point the arithmetic flips negative.

 

 

 

Daily revenue is one multiplication. Convert rig hashrate into PH/s and multiply by current hashprice. At 270 TH/s, that is 0.27 times $39.05, or about $10.54 a day.

 

Power is the cost that scales linearly against it. A 3,645 W machine draws 87.48 kWh a day, so every additional cent per kWh adds roughly $0.87 of daily cost, about 8% of gross revenue.

 

Break-even electricity price lands near 11.8 cents per kWh. Net of a 2% pool fee, revenue divided by consumption gives the ceiling above which the rig stops covering its own power.

 

Break-even bitcoin price moves in step with power price. At 6 cents per kWh the shutdown line sits near $41,400, at 9 cents it rises to roughly $62,100, and at 12 cents it reaches about $82,900, already above the current market.

 

Difficulty dilutes output directly. mempool.space projects the next adjustment at plus 4.82%, which cuts per-rig revenue by a similar proportion while the power bill stays put.

 

Corporate costs sit far above single-rig power costs. On an all-in basis CoinShares puts Riot near $113,500 per bitcoin, CleanSpark near $135,700 and MARA near $163,900, with the gap made up of depreciation, hosting and infrastructure.

 

 

 

Hashprice expresses how many dollars one PH/s earns per day, folding coin price, network difficulty and transaction fees into a single number. That makes it a better read on miner conditions than price alone, because price can rise while hashprice falls whenever new hashrate arrives faster than the rally.

 

The 2026 tape is the textbook case. CoinShares records network hashrate peaking near 1,160 EH/s in October 2025 and falling to 879 EH/s by July 13, 2026, with difficulty down to 127.48 T, roughly 18% below the October 2025 record. Shrinking hashrate should have lifted revenue for the survivors, but bitcoin closed the quarter at $58,400, and the two forces cancelled out, leaving hashprice at a record low in June.

 

 

Conditions have shifted since July. Hashrate Index shows the network back near 1,014 EH/s with block times at nine minutes and 32 seconds, a direct signal that hashrate is outrunning difficulty. mempool.space projects the next adjustment at plus 4.82%, with 552 blocks to go.

 

For a single machine that 4.82% is concrete. A difficulty increase thins each rig's share of the network, so at an unchanged coin price and fee level, daily revenue falls by a comparable amount, from roughly $10.54 to about $10.04, while the electricity bill does not move at all. For how hashrate and difficulty fit into the wider cycle, our guide to the bitcoin market cycle covers the framework.

 

 

 

The calculation needs five inputs: rig hashrate, total power draw, electricity price, pool fee and bitcoin price. The first two come from the hardware spec sheet, the third from your contract or region, the fourth usually sits between 1% and 3%, and the fifth changes by the minute.

 

Take Bitmain's Antminer S21 XP. The hardware overview published by Hashrate Index lists 270 TH/s, efficiency of 13.5 J/TH and power draw near 3,645 W. Efficiency already encodes the relationship between the first two: 13.5 joules consumed per terahash produced each second, where lower is better.

 

 

Start by converting hashrate into hashprice units. 270 TH/s equals 0.27 PH/s, which at $39.05 produces gross revenue of roughly $10.54 per day.

 

Next comes consumption. Running 3,645 W for 24 hours uses 87.48 kWh. That costs $4.37 at 5 cents per kWh, $5.25 at 6 cents, $7.87 at 9 cents and $10.50 at 12 cents. For reference, the U.S. Energy Information Administration reports in its Electric Power Monthly that the average industrial rate was 9.77 cents per kWh in July 2026, up 4.7% year over year.

 

Then subtract the pool fee, roughly $0.21 at 2%.

 

What remains is net profit. At 5 cents the rig clears $5.96 a day, or about $2,175 annualized. At 6 cents it earns $5.08. At 9 cents it drops to $2.46, under $900 a year. At 12 cents it runs at minus $0.16, losing a little more with every hour it stays powered. The same machine swings from steady profit to outright loss purely on the power contract, which is why site selection has always been the whole game in mining.

 

 

Hashprice is convenient but it is a market price that already embeds today's difficulty and fees. To see where the revenue originates, go back to the protocol-level formula: daily bitcoin per PH/s equals 86,400 seconds times ten to the fifteenth, multiplied by the block subsidy, divided by difficulty times two to the thirty-second.

 

Plugging in difficulty of 132.72 T and a subsidy of 3.125 BTC gives roughly 0.000474 BTC per PH/s per day, so a 270 TH/s machine earns about 0.000128 BTC. At $81,573 that lines up closely with the $10.54 implied by hashprice, with the small residual explained by fees and measurement conventions.

 

One detail is worth noting. The hashrate implied by difficulty is about 950 EH/s, below the 1,014 EH/s being measured in real time. That gap is precisely why blocks are arriving early and why difficulty is heading higher, and it means realized revenue will run slightly under the theoretical figure until the adjustment lands.

 

 

 

This line answers how high power can go before the machine should be switched off. Divide revenue net of pool fees by daily consumption. In the example, $10.54 less 2% leaves $10.33, divided by 87.48 kWh, giving roughly 11.8 cents per kWh.

 

The practical reading is immediate. Against the EIA's 9.77 cent industrial average there is about two cents of headroom, but any contract above 12 cents cannot cover power at today's hashprice. CoinShares offers a reference point for older hardware, noting the S19 XP break-even power price fell from around 12 cents per kWh in December 2024 to 7.7 cents a year later. The older the fleet, the faster that line drops.

 

 

This line answers how far the coin can fall before the same thing happens. Divide the daily power bill by daily production net of pool fees, which works out to about 0.0001267 BTC for this machine.

 

At 5 cents per kWh, the $4.37 power bill implies a break-even near $34,500. At 6 cents it is roughly $41,400, at 9 cents about $62,100, and at 12 cents about $82,900, which already sits above the market. That last case describes exactly where high-cost miners find themselves today.

 

The relationship is strictly linear: double the power price and the shutdown price doubles with it. So when someone asks what price triggers miner capitulation, the question is incomplete until it specifies which miner.

 

 

A difficulty increase simultaneously raises the break-even coin price and lowers the break-even power price, because it reduces the same stream of output. A halving does the same thing with far more force, cutting production per unit of hashrate in half and shifting both lines by a comparable magnitude at once.

 

Testing your own assumptions against a live market beats testing them against a static chart. Pull up the live BTC market and run your own power price through the math

 

 

The April 2024 halving set the block subsidy at 3.125 BTC, the starting point for every calculation above. At 144 blocks a day, that is roughly 450 BTC of new supply. The Block reported that transaction fees fell to around $300,000 a day, less than 1% of total miner income, which means the subsidy remains the overwhelming driver and fee volatility is a minor correction in any single-rig model.

 

Difficulty resets every 2,016 blocks, roughly every two weeks, pulling average block time back toward ten minutes. The design guarantees that no amount of incoming hashrate changes bitcoin's issuance schedule, and the price of that guarantee is that every miner's unit economics are permanently diluted by everyone else. Any rig-level model is ultimately a bet that your cost curve falls faster than the field's.

 

The next halving is expected in 2028. CoinShares notes that the market has historically seen a hashrate build roughly a year ahead of a halving. For anyone sizing an equipment payback period, that date means the machine has to be modelled under two separate parameter sets, before and after the subsidy halves.

 

 

A single-rig model counts electricity. A public company's income statement also carries depreciation, hosting fees, labour and infrastructure amortization, which is why the two sets of numbers diverge so sharply. CoinShares puts the weighted average cash cost across listed miners near $75,500 per bitcoin in the second quarter of 2026, above the $58,400 quarter-end price. On an all-in basis, Riot Platforms comes in near $113,500 per coin, CleanSpark near $135,700, IREN near $141,600 and MARA Holdings near $163,900.

 

Those numbers explain the aggressiveness of the pivot. CoinShares estimates a megawatt of capacity generates roughly $1.5 million a year in AI and HPC revenue against about $500,000 in mining. At a threefold gap, capital moves.

 

IREN supplies the cleanest case study. According to Benzinga's October 12 analysis, mining generated $578.2 million of revenue in the fiscal year ended June 30, 2026, while AI cloud services grew from $16.4 million to $128.8 million, lifting total revenue from $501 million to $707 million. The company posted a net loss of $702.6 million, including $638.8 million of non-cash impairments tied largely to retiring mining hardware, and reported $4 billion of contracted annualized run-rate revenue for 2026 capacity, with completion of the transition targeted by December 31, 2026.

 

For investors holding miners as proxy bitcoin exposure, the correlation is changing. Once most of a company's capacity is leased to AI customers, its share price tracks data-centre leases, financing costs and delivery schedules rather than the daily path of hashprice.

 

 

 

A calculator returns a precise number, but nearly every input behind it moves. Difficulty resets roughly fortnightly, so today's output needs redoing in two weeks. Depreciation is routinely underestimated, and IREN's $638.8 million impairment is what a full hardware generation looks like when it is written down. Hosting agreements may carry pass-through power clauses and minimum usage commitments that push real costs above the headline rate. Firmware overclocking lifts hashrate but raises both consumption and failure rates, and the two do not necessarily move profit in the same direction.

 

 

In a recovery case, price firms while hashrate stays restrained after the earlier shakeout, hashprice climbs from $39 back toward 2025 levels, higher-cost miners return to profit and idled machines come back online.

 

In a squeeze case, price stalls while hashrate keeps rebuilding, difficulty ratchets higher and hashprice drifts toward the June low of $27.7, dragging the break-even power price toward 8 cents and forcing out anyone without a long-term low-cost contract.

 

In an accelerated pivot, more capacity converts to AI workloads, mining hashrate growth slows or reverses, unit economics improve for the miners that remain, and the sector's valuation logic decouples further from the coin price itself.

 

 

The pending difficulty adjustment of plus 4.82% is the nearest dated event, and every calculation needs refreshing once it lands. US CPI is due on October 14, feeding rate expectations and therefore price and hashprice. ETF flows matter too, with roughly $680 million of net outflows over the past week. Further out, the 2028 halving means any machine bought today has to pay back under a subsidy that will be cut in half partway through its useful life.

 

 

For James Mitchell, the real value in this topic is not the daily profit figure but the rarity of the model behind it: a cash flow that can be verified end to end with public data. Equity investors have to trust guidance and credit investors have to price default risk, while a mining rig's revenue can be derived exactly from difficulty, subsidy and coin price, and its cost from power draw and electricity rate. Few things in crypto decompose that cleanly.

 

Two misreadings are common. The first equates a rising coin price with improving miner conditions. The 2026 data says otherwise: hashprice hit a record low when bitcoin closed the second quarter at $58,400, and even with the coin back above $80,000 hashprice has only recovered to $39, far below the $63 peak of July 2025, because hashrate rebuilding from 879 EH/s to 1,014 EH/s absorbed the entire benefit of the price move. The second misreading uses single-rig power costs to infer corporate profitability. A break-even power price near 11.8 cents per kWh sits in a completely different universe from a weighted average cash cost of $75,500 per coin, and the difference is depreciation, hosting and infrastructure.

 

The indicator worth watching from here is the direction of divergence between hashprice and network hashrate. Hashrate climbing while hashprice stalls means new capacity is still arriving and marginal miners keep getting squeezed. Hashrate rolling over while hashprice stabilizes means the shakeout is doing its work, which has historically preceded better unit economics for survivors. For anyone holding miner equities, contract delivery on the AI side now carries more valuation weight than the coin price, given the gap between $1.5 million and $500,000 of annual revenue per megawatt.

 

The cross-asset lesson is that bitcoin mining is turning from a commodity production business into a power allocation business. What a miner really owns is grid interconnection and a long-dated electricity contract, with machines being only one way to convert that power into revenue. When AI pays three times as much for the same megawatt, capacity migrates. It also means the way to evaluate a miner increasingly runs through the tenor and structure of its power contracts rather than the hashrate number on its monthly update.

 

 

 

It depends entirely on which cost basis you use. On power alone, a 270 TH/s rig drawing 3,645 W at 6 cents per kWh produces roughly 0.000127 BTC a day net of pool fees, which works out to about $41,400 per coin in electricity. On a corporate all-in basis, CoinShares puts the weighted average cash cost across listed miners near $75,500 per bitcoin in the second quarter of 2026, with Riot around $113,500 and MARA around $163,900, the difference being depreciation and infrastructure.

 

 

Hashprice is the dollar revenue one PH/s of hashrate earns per day, bundling coin price, network difficulty and fees into a single figure. It currently sits at $39.05, against an all-time low of $27.7 in June 2026 and a peak near $63 in July 2025. It beats watching price alone, because a rally accompanied by faster hashrate growth still leaves miners earning less per unit, which is what happened through most of 2026.

 

 

Divide daily revenue net of pool fees by daily consumption. For a 270 TH/s rig drawing 3,645 W, gross revenue of $10.54 less a 2% pool fee leaves $10.33, and 87.48 kWh of consumption gives roughly 11.8 cents per kWh. Any rate above that means the machine cannot cover its own power. Older hardware sits far lower, with CoinShares putting the S19 XP break-even near 7.7 cents.

 

 

It depends on their power price. For the same machine, the shutdown level is roughly $34,500 at 5 cents per kWh, $41,400 at 6 cents, $62,100 at 9 cents and $82,900 at 12 cents, which already exceeds the current market. The relationship is linear, so doubling the power price doubles the shutdown price, and any discussion of a single miner capitulation price is incomplete without specifying whose costs are being described. Live pricing sits on the BTC price page.

 

 

Close to proportionally. Difficulty resets every 2,016 blocks, roughly every two weeks, to pull average block time back to ten minutes. mempool.space projects the next adjustment at plus 4.82%, which at an unchanged coin price takes daily rig revenue from about $10.54 to about $10.04 while the power bill is unchanged. That is why any calculation needs refreshing on a fortnightly cycle rather than being treated as fixed.

 

 

Very little at present. The April 2024 halving set the subsidy at 3.125 BTC per block, with roughly 450 BTC issued daily. The Block reported fees falling to around $300,000 a day, less than 1% of total miner income. In practice that makes fees a small correction term in any rig-level model, with subsidy, difficulty and coin price doing nearly all the work.

 

 

Because a single-rig model captures only the variable power cost. Public company costs also include hardware depreciation, data-centre hosting, labour, maintenance and infrastructure amortization, none of which appear in an electricity calculation. IREN recognized $638.8 million of non-cash impairments in fiscal 2026, largely on retiring mining hardware, an expense no power-only model would ever surface. For alternative routes to bitcoin exposure, see the guide to buying bitcoin and the BTC purchase walkthrough.

 

 

The information above is provided for general market information and analysis only and does not constitute investment advice, financial advice, legal advice, tax advice or a recommendation to trade. Prices of crypto assets, equities and other related financial assets can fluctuate sharply, and past performance, technical indicators and on-chain data do not guarantee future results. The calculations presented here rest on public data and specific assumptions, and hashprice, network difficulty, electricity rates, pool fees and the bitcoin price all change continuously, so realized results will differ from any modelled figure. The latest disclosures from the relevant institutions and data platforms should be treated as authoritative. Readers should conduct their own research and make decisions based on their own financial circumstances, investment objectives and risk tolerance, consulting a qualified professional where appropriate. The MEXC Crypto Pulse team accepts no liability for any direct or indirect loss arising from the use of this information.

 

 

James Mitchell specializes in technical analysis, market trends, and trading strategies for both Bitcoin and altcoins. Based in London, he has over 10 years of experience in financial markets. Before joining MEXC Learn, James worked as a senior analyst at a leading European investment firm, where he developed expertise in risk management and quantitative trading. His transition to cryptocurrency markets began in 2017, and he has since become recognized for his data-driven approach. He holds a Master's degree in Financial Economics from the London School of Economics. His analytical approach combines traditional technical analysis with on-chain metrics to provide readers with actionable insights.

 

Areas of Expertise: Technical Analysis, Market Trends and Cycles, Trading Strategies, Bitcoin and Altcoin Analysis, Risk Management.

 

 

 

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