Definition. Miner revenue per Exahash — often called 'hash price' — estimates daily miner incomes relative to their contribution to network hash-power, shown in both USD (blue) and BTC (orange) denomination alongside price (black).

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

• Hash Price [USD] = Miner Revenue [USD] / (Hash Rate / 1e18)
• Hash Price [BTC] = Miner Revenue [BTC] / (Hash Rate / 1e18)

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

Interpretation. Hash price is the mining industry's unit economics in a single number: what one exahash of work earns per day. The BTC-denominated trace declines structurally over time as issuance halves and competition adds hashrate, making it a clean measure of hardware efficiency pressure — a miner must deploy ever more hashpower to earn the same coin income. The USD-denominated trace is what determines operational profitability against power costs; sustained declines compress margins and have historically forced less efficient operators offline (visible as downwards difficulty adjustments), while sharp rallies in USD hash price (price appreciation or fee spikes) describe windows of elevated mining profitability that attract new hashrate deployment.

Notes. Built from Miner Revenue (Total) and Hash Rate. The pre-Merge Ethereum equivalent is charted in Miner Hash Price (Revenue per Terahash). See also Miner Revenues vs Yearly Average.