Bitcoin hashprice stabilizes after hitting quarterly low, but miner risk remains
Bitcoin’s hashprice, a measure of daily miner revenue per terahash, experienced significant volatility in the past three months.
From late December 2024 through the end of March 2025, the USD-denominated hashprice declined from over $55 to under $49, with a peak of $61.74 on Jan. 30 and a low of $45.84 on Mar. 10. This 25% drop over the quarter illustrates the tightening margin environment miners are navigating as the market consolidates.
Hashprice reflects a miner’s expected revenue per unit of computational power (TH/s) per day. It is typically quoted in USD and BTC. The USD price is sensitive to both Bitcoin’s market price and the network’s difficulty, while the BTC price isolates profitability relative to block rewards and transaction fees.
Monitoring hashprice provides a real-time view into miner economics and market stress. A declining hashprice implies reduced profitability, which can drive capitulation among less efficient miners and influence selling behavior. It also affects network security, as prolonged periods of unprofitability can lead to hash rate declines and changes in block production. Conversely, a rising hashprice reflects improved miner margins, often due to higher BTC prices or slower difficulty growth.
From Dec. 28, 2024, to Mar. 28, 2025, the USD hashprice averaged $53.90, with notable variability. It began the period at $55.51 and climbed to a peak of $61.74 on Jan. 30.
This rise followed the strong performance in Bitcoin’s spot price, as BTC-denominated hashprice remained relatively stable during this time, hovering around 0.000587 BTC.
Following the January peak, hashprice began a steady decline, reaching a low of $45.84 on Mar. 10. This drawdown followed a slight drop in BTC-denominated hashprice to 0.000566 BTC, suggesting minor network difficulty adjustments or reduced fee revenue. However, the bulk of the decline in USD hashprice appears tied to weaker Bitcoin spot prices, which compressed miner revenue even as the network’s revenue from fees remained mostly unchanged.
The final weeks of March showed a modest recovery, with the hashprice rebounding to $48.66 by Mar. 28. This 6% uptick from the monthly low reflects improving conditions, possibly due to a short-term price recovery or favorable difficulty adjustment. The BTC-denominated hashprice remained stable throughout the month, indicating little disruption to network conditions.
The data shows a clear bifurcation in miner conditions. January provided a short window of elevated profitability, likely attracting more hash rate and reinforcing bullish sentiment. However, the decline compressed margins and may have forced higher-cost miners offline or shifted operating behavior.
The narrow range in BTC-denominated hashprice throughout the quarter, between 0.000555 BTC and 0.000589 BTC, suggests the network adjusted relatively efficiently to the incoming hashrate. Difficulty and block reward mechanics maintained equilibrium.
This stability in BTC terms, paired with volatility in USD terms, shows the dominant influence of Bitcoin’s fiat price on mining revenue.
The trajectory of hashprice over the past three months reflects a market that rallied into January and has since moved into a consolidating phase.
Tracking the hashprice throughout this volatility offers insight into miner balance sheet stress and the potential for increased selling pressure. When profitability falls, miners often liquidate more BTC to cover operational costs, contributing to supply-side pressure.
A declining hashprice, particularly in the face of rising difficulty, is an early warning of miner capitulation risk, especially near halving events or periods of price weakness.
Conversely, rising hashprice supports miner accumulation behavior, reduces forced selling, and signals positive margin expansion. This tends to align with bullish price momentum and can support broader market strength.
While recent stabilization in USD hashprice offers near-term relief, profitability remains below quarterly averages. Continued pressure on margins may constrain future hash rate growth and incentivize further network optimization.
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