Definition. Miner revenue per Terahash — 'hash price' — estimates daily Ethereum proof-of-work miner incomes relative to their contribution to network hash-power, shown in both USD (green) and ETH (blue) denomination alongside price.

Technical. It is calculated by taking the ratio between total miner income (subsidy and fees) and the current hash-rate expressed in TH/s:

• Hash Price [USD] = Miner Revenue [USD] / (Hash Rate / 1e12)
• Hash Price [ETH] = Miner Revenue [ETH] / (Hash Rate / 1e12)

Data is presented in daily resolution, and thus traces display the daily revenue per 1 TH/s of hashpower a miner provided to the network.

Interpretation. This chart documents the unit economics of Ethereum's proof-of-work era. The ETH-denominated hash price declined structurally as competition added hashrate, while the USD-denominated trace — the figure miners weighed against electricity costs — swung with price and with fee revenue, which during periods of heavy network congestion (e.g. DeFi summer 2020, the 2021 NFT waves) formed a substantially larger share of miner income than on Bitcoin. Spikes in USD hash price mark the windows of extraordinary GPU-mining profitability that drove the era's hardware shortages.

Notes. Ethereum transitioned to proof-of-stake at The Merge on 15 September 2022 — mining ceased and this data series ends there. Built from Miner Revenue (Total) and Hash Rate. The Bitcoin equivalent is charted in Miner Hash Price (Revenue per Exahash).