Crypto Mining Profitability Statistics 2026: Hash Price & Margins

Hashprice closed Q1 2026 around $23.9 per PH/s per day, the lowest reading since 2018, even as Bitcoin’s network hashrate touched 1.1 ZH/s during October 2025, according to Hashrate Index data. The numbers tell two stories at once: network security growing and miner pay shrinking, with the gap widening every month after the recent halving.

Public miners reported uneven results through the squeeze, with CleanSpark posting record revenue, MARA Holdings expanding energized capacity, and smaller operators turning to AI hosting or shutting down. The data below spans hash price, pool market share, ASIC efficiency, public miner financials, electricity costs, geographic distribution, and the IRS tax treatment that determines what is left after costs.

Key Takeaways

• Bitcoin’s network hashrate reached 1.1 ZH/s at its October 2025 peak before pulling back to 826 EH/s during a February 2026 Texas winter storm.
• Mining difficulty climbed to 144.4 trillion in February 2026, a 15% single-adjustment jump and the largest since the 2021 China ban.
• Foundry USA and AntPool together control roughly 60% of all blocks mined, with Foundry alone at 25.59% of the network’s hashrate.
• The April 2024 halving cut block rewards from 6.25 BTC to 3.125 BTC, dropping daily issuance from 900 BTC to 450 BTC.
• Per the Cambridge Centre for Alternative Finance, the United States accounts for 75.4% of reported mining activity in its 2025 sample of 49 firms.
• Sustainable energy powered 52.4% of Bitcoin mining in the 2025 CCAF report, including 9.8% nuclear and 42.6% renewables.
• The Bitmain Antminer S21 Pro delivers 234 TH/s at 15 J/TH with 3,510W power draw.

Editor’s Choice

• Hash price closed Q1 2026 near $23.9 per PH/s per day, a multi-year low according to Hashrate Index.
• MARA Holdings held 44,893 BTC as of December 31, 2025, with an energized hashrate of 53.2 EH/s.
• Riot Platforms held 17,722 BTC at year-end 2025, deploying an average of 31.5 EH/s.
• CleanSpark posted $766.3 million in revenue for fiscal year 2025, a 102% year-over-year increase.
• Bitdeer reached 71 EH/s of self-mining capacity in January 2026.
• The Cambridge CCAF estimates Bitcoin’s annual electricity use at approximately 138 TWh, or about 0.5% of global consumption.
• Natural gas at 38.2% has replaced coal at 8.9% as the largest single energy source for Bitcoin mining.

Recent Developments

• February 2026: Bitcoin difficulty rose 15% to 144.4 trillion in a single adjustment, the steepest jump since 2021, per CoinDesk’s coverage of on-chain data.
• February 2026: A severe Texas winter storm forced widespread curtailment, pulling network hashrate from above 1 ZH/s down to 826 EH/s.
• January 2026: Bitdeer disclosed 71 EH/s of operational hashrate, becoming the largest publicly traded Bitcoin miner by self-mining capacity.
• December 2025: CleanSpark reported fiscal-year revenue of $766.3 million and net income of $364.5 million, swinging from a $145.8 million prior-year loss.
• December 2025: MARA Holdings produced 890 BTC for the month and grew its energized hashrate 15% month-over-month to 53.2 EH/s.
• April 2025: The Cambridge Centre for Alternative Finance published its 2025 Digital Mining Industry Report, raising sustainable energy use to 52.4% based on a survey of 49 mining firms.

Bitcoin Mining Revenue Trends

• Daily block issuance sits at 450 BTC following the April 2024 halving, compared with 900 BTC before.
• At a Bitcoin spot price of $90,000, the 450 BTC daily issuance translates to roughly $40.5 million per day in subsidy-only revenue across the entire network.
• Transaction fees added an additional 5 to 15% of total miner revenue across most days in Q1 2026, varying with on-chain congestion.
• MARA Holdings reported $252 million in revenue for Q3 2025, with energized hashrate up 82% year-over-year.
• The four largest publicly traded miners (MARA, Riot, CleanSpark, Bitdeer) together produced more than 2,500 BTC in December 2025 alone.
• Riot Platforms mined 516 BTC in December 2025, up from 496 BTC in November.
• CleanSpark mined 668 BTC in December 2025, up from 622 BTC in November.
• Annualized network revenue at current hashrate and prices runs near $15 to $18 billion in subsidy plus fees.

Source: Hashrate Index, MARA Holdings investor relations, Bitcoin protocol

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Network Hashrate and Difficulty: The Security Curve

• Bitcoin’s network hashrate touched a peak of 1.1 ZH/s (1,100 EH/s) during October 2025, coinciding with a Bitcoin spot price near $126,500.
• February 2026 saw the hashrate fall sharply to 826 EH/s during a severe Texas winter storm that triggered widespread curtailment of mining facilities.
• Mining difficulty reached 144.4 trillion in February 2026, jumping 15% in a single adjustment per CoinDesk’s reporting on chain data.
• The 15% difficulty increase is the largest single jump since 2021, when the China mining ban temporarily collapsed global hashrate before the US-led recovery.
• Difficulty adjusts roughly every 2,016 blocks (about every two weeks), keeping average block times near 10 minutes regardless of total mining capacity.
• Hashrate has grown more than 22 million-fold since 2010, when the network ran at roughly 5 GH/s on consumer hardware.
• The 1 ZH/s threshold means the Bitcoin network now performs one sextillion SHA-256 hashes per second collectively.
• Hashrate growth and price growth have decoupled in 2026: network hashpower kept climbing through the Q1 price drawdown, signaling miners adding efficient capacity even into compressed margins.

Source: Hashrate Index network data, Blockchain.com Charts

The pattern we have tracked across multiple halving cycles holds here too: network hashrate keeps climbing even when prices retrace, because the most efficient miners can absorb capacity from the least efficient. Each cycle’s price multiples have shrunk, but the institutional infrastructure underneath has grown substantially. Miner concentration interlocks with broader crypto adoption rates by country data: hosting follows electricity, end-user adoption follows fiat-onramp access.

Hash Price Index: The Real Miner Pay Signal

By the numbers: Hash price closed Q1 2026 near $23.9 per PH/s per day according to Hashrate Index, down roughly 80% from the $120 pre-halving peak. The metric, defined by Luxor as the daily USD return per PH/s of hashrate, captures both the block subsidy and transaction fees, making it the cleanest signal of miner pay across cycles.

• Hash price closed Q1 2026 around $23.9 per PH/s per day, the lowest reading since 2018 according to Hashrate Index data.
• Pre-halving hash price peaked near $120 per PH/s per day in early 2024 when Bitcoin traded above $70,000 with the 6.25 BTC block reward intact.
• Hash price equals the daily USD return for one PH/s of hashrate, capturing block subsidy, transaction fees, and Bitcoin’s spot price in a single metric.
• Luxor calculates hash price using a 144-block lagging simple moving average for fees and a US-exchange spot-price average for the BTC-to-USD conversion.
• James Butterfill, Head of Research at CoinShares, has projected that a sustained Bitcoin price below $80,000 would push the hash price further down through 2026.
• At $23.9 per PH/s per day, a 234 TH/s rig like the Antminer S21 Pro grosses approximately $5.59 per day before electricity costs.
• Industrial miners typically need a hash price above roughly $45 to $55 per PH/s per day for unhedged retail miners to remain cash-flow positive at $0.07/kWh electricity.
• Hash price collapse drove the April to November 2025 miner capitulation phase, when older S19-class fleets running above 30 J/TH became unprofitable across most jurisdictions.

Source: Luxor Hashrate Index, Blockchain.com

The hash price descent is the single sharpest production-cost signal in the market. Across our coverage of cryptocurrency mining statistics, the pattern repeats: halving compresses the fleet, capitulation removes the least efficient operators, and survivors absorb their hashrate. What is different this cycle is the speed of margin compression after the price peak.

Bitcoin Mining Pool Market Share

• Foundry USA leads all pools at 25.59% of network hashrate, per Hashrate Index pool data.
• AntPool ranks second at 19.84%, controlled by ASIC manufacturer Bitmain.
• F2Pool holds 10.44% of the network hashrate, anchored in Asian mining operations.
• SpiderPool has emerged at 9.40%, expanding rapidly during 2025.
• ViaBTC and Binance Pool together control another roughly 15% of mined blocks.
• The combined share of Foundry USA and AntPool sits near 60%, raising recurring centralization concerns when read alongside the 51% threshold for theoretical attack risk.
• Foundry’s lead reflects deep relationships with North American hosting providers and a compliance-first operating model attractive to public miners.
• The top 4 mining pools control over 65% of total hash rate, down from peaks above 80% in 2022.

ASIC Efficiency Benchmarks (J/TH by Model)

• The Bitmain Antminer S21 Pro runs at 15 J/TH efficiency, hashing 234 TH/s at 3,510W power draw, per Bitmain’s official specification page.
• The Antminer S21 baseline model delivers 200 TH/s at roughly 17.5 J/TH.
• Older Antminer S19 XP units operate around 21.5 J/TH, with S19j Pro units running near 29.5 J/TH.
• MicroBT WhatsMiner M60S units fall in the 18 to 19 J/TH efficiency range.
• Hydro-cooled flagship rigs from Bitmain and MicroBT can push efficiency below 14 J/TH, though at higher capital and infrastructure cost.
• The S21 Pro’s 15 J/TH rating holds stable across most operating temperatures and gradually rises to roughly 16.7 J/TH at 50°C ambient.
• An S21 Pro running 24/7 consumes about 84 kWh per day, translating to $5.88 in daily electricity at $0.07/kWh.
• Each generation has roughly halved energy per terahash, from 90 J/TH in 2018-era S9 units to 15 J/TH today, a 6x efficiency gain over seven years.

Source: Bitmain Support, MicroBT product pages

Each new generation tightens the breakeven floor for older fleets. When network difficulty rises sharply in a single adjustment, every older rig moves closer to the unprofitable side of the line, all else equal. That dynamic drove public miners’ aggressive S21 Pro rollouts through last year.

Public Bitcoin Miner Company Financials

• MARA Holdings held 44,893 BTC as of December 31, 2025, the largest treasury among public miners.
• MARA’s energized hashrate reached 53.2 EH/s in December 2025, up 15% month-over-month and 82% year-over-year.
• MARA reported $252 million in Q3 2025 revenue and another $238 million in a recent quarter, up 64% year-over-year.
• Riot Platforms held 17,722 BTC as of December 31, 2025, with an average deployed hashrate of 31.5 EH/s for that month.
• Riot mined 516 BTC in December 2025, up from 496 BTC in November 2025.
• CleanSpark posted $766.3 million in revenue for the fiscal year ending September 30, 2025, a 102% increase from the prior year.
• CleanSpark’s net income reached $364.5 million in FY 2025, swinging from a $145.8 million loss in FY 2024.
• CleanSpark mined 668 BTC in December 2025, up from 622 BTC the prior month.
• Bitdeer reached 71 EH/s of self-mining capacity in January 2026, the largest among publicly traded pure miners.
• Core Scientific has pivoted hosting capacity toward AI/HPC workloads, with management citing diversification away from pure Bitcoin block-reward exposure.

Source: MARA Holdings investor relations, Riot Platforms full-year results, CleanSpark investor relations, Bitdeer disclosures

Key finding: CleanSpark’s $766.3 million in fiscal-year revenue and $364.5 million in net income marked a 102% revenue jump and a $510 million swing from prior-year loss to profit, per its FY 2025 disclosures. The single result captured what the data tells us: efficient operators with cheap power are the only players who profit through margin compression.

Bitcoin Mining Electricity Consumption

• The Cambridge Centre for Alternative Finance estimates Bitcoin’s annual electricity consumption at approximately 138 TWh, based on a 2025 sample representing 48% of global mining activity.
• That 138 TWh figure equals roughly 0.5% of global electricity consumption, per the CCAF’s published methodology.
• The CBECI live model has shown estimates ranging from 170 TWh to 180 TWh at higher hashrate readings during early 2026.
• Sustainable energy sources powered 52.4% of Bitcoin mining in the 2025 CCAF report, up from 37.6% in its 2022 estimate.
• The sustainable mix includes 9.8% nuclear and 42.6% renewables (hydropower, wind, and solar combined).
• Natural gas at 38.2% has replaced coal at 8.9% as the largest single fuel source, reversing the 2022 mix where coal led at 36.6%.
• The 138 TWh figure approximates the annual electricity consumption of mid-sized industrialized nations and remains below global data center electricity use.
• Greenhouse gas emissions from mining have decoupled from hashrate growth in CCAF data: as hashrate roughly doubled between 2022 and 2025, sustainable-energy share rose by nearly 15 percentage points.

Geographic Distribution of Mining Hashrate

• The Cambridge Centre for Alternative Finance reported that the United States accounts for 75.4% of mining activity in its 2025 sample of 49 firms representing nearly half the network.
• Independent on-chain estimates from Hashrate Index put the US share at approximately 37.5% of global hashrate, with the gap between the two figures reflecting the sample-versus-extrapolation methodology.
• Russia, Kazakhstan, Canada, and Paraguay round out the top tier of jurisdictions outside the US.
• The CCAF reported that the US share rose from 16.8% in April 2021 to 35.4% by August 2021, more than doubling in four months after China’s mining ban.
• Texas alone hosts an estimated 30% of US mining capacity, anchored by ERCOT’s wholesale electricity pricing and demand-response programs.
• Russian mining capacity grew sharply through 2024 and 2025 despite Siberian energy crises that periodically forced regional shutdowns.
• The combined top 3 jurisdictions account for roughly 78% of all Bitcoin mining activity worldwide.
• Mining geography reflects electricity arbitrage rather than capital availability, which is why hosting concentration has shifted faster than treasury concentration.

The two figures look contradictory until you read the methodology. The Cambridge sample captures firms’ self-reporting jurisdictional data; on-chain estimates extrapolate from block timing patterns and pool-disclosed location data. Both are correct within their methods, and an honest read of the geographic story uses both. CoinLaw’s published stats methodology takes the same approach: name the source, name the method, let the reader pick.

Electricity Cost Breakeven by Region

• Industrial miners typically need electricity below $0.05/kWh to remain profitable through full halving cycles, per public miner production-cost disclosures.
• Texas wholesale ERCOT rates frequently dip to $0.025 to $0.04/kWh off-peak, supporting the state’s mining concentration.
• Quebec hydro rates from Hydro-Québec sit near $0.04/kWh for industrial mining customers, where regulatory permission is granted.
• Kazakhstan’s off-grid rates have historically ranged from $0.03 to $0.05/kWh, supporting heavy mining activity despite occasional regulatory crackdowns.
• Paraguay’s Itaipú hydropower has supplied surplus capacity at rates near $0.04/kWh to permitted miners.
• US average residential electricity rates near $0.16/kWh make home mining structurally unprofitable on modern ASICs at the current hash price.
• The structural moat is roughly 3 to 4x: an industrial miner at $0.04/kWh has 3 to 4x the gross margin of a retail miner at $0.16/kWh on identical hardware.
• Hydro-cooled fleets in Norway and Iceland operate near $0.05/kWh with stable grid conditions, providing a profitability floor independent of seasonal volatility.

Source: ERCOT public market data, Hydro-Québec industrial tariff schedules, Hashrate Index country reports

Why it matters: Industrial Bitcoin miners operating below $0.05 per kWh retain roughly 3 to 4x the gross margin of retail miners paying the $0.16/kWh US residential average, according to publicly disclosed production-cost data from MARA, Riot, and CleanSpark. This electricity arbitrage, not capital, has determined survival through the post-halving margin compression.

The electricity arbitrage explains what most coverage misses about mining. The hardware has been commoditized within a generation; the moat lives in electricity contracts and demand-response credits. Across our many stats articles tracking crypto exchange market data and adoption metrics, the pattern repeats: infrastructure economics reshape industries faster than the industries themselves recognize.

Post-Halving Profit Margin Compression

• The April 2024 halving cut Bitcoin’s block reward from 6.25 BTC to 3.125 BTC, halving daily issuance from 900 BTC to 450 BTC.
• Hash price fell roughly 80% from the ~$120 per PH/s per day pre-halving peak to ~$23.9 in Q1 2026.
• Production cost per Bitcoin for mid-tier US public miners climbed to roughly $45,000 to $60,000 in late 2025, up from $20,000 to $30,000 before the halving.
• The first three halvings produced price multiples of 83x, 3.8x, and 6.5x from halving date to subsequent peak; the fourth has produced roughly 2x to its October 2025 high.
• Older S19-class fleets running above 30 J/TH became cash-flow negative in most jurisdictions during the late-2025 hash price decline.
• The April to November 2025 capitulation phase pulled an estimated 5 to 10% of network hashrate offline before efficient operators absorbed the freed-up demand.
• Public miners hedged the squeeze through ATM equity raises, treasury BTC sales, and AI/HPC hosting pivots, depending on capital structure.
• Spot Bitcoin ETF infrastructure absorbed sell pressure for the first post-halving cycle, smoothing the typical post-halving drawdown that hit prior cycles.

We have tracked halving cycles across our coverage. Price multiples have decreased each time, but the institutional infrastructure underneath has grown substantially. The current cycle stands out as the one where public-miner balance sheets, ETF inflows, and corporate treasury policies shape the post-halving market more than retail speculation does.

Tax Treatment of Mined Coins (US, IRS)

• Per IRS Notice 2014-21, Bitcoin and other virtual currencies received from mining are included in gross income at fair market value at the time of receipt.
• Mining proceeds are treated as ordinary income, taxed at federal rates from 10% to 37% depending on the bracket.
• The fair market value at receipt becomes the taxpayer’s cost basis for any subsequent capital gain or loss when the coins are sold.
• Miners operating as a trade or business are subject to self-employment tax on net mining earnings, per IRS Notice 2014-21 Section 4 Q-9.
• Self-employment tax adds roughly 15.3% on net earnings up to the Social Security wage base, with the 2.9% Medicare component continuing above that threshold.
• Business miners can deduct ordinary and necessary expenses under IRC Section 162, including electricity, equipment, internet, and rent.
• Hobby miners cannot claim those deductions and must still report mined coins as income at fair market value.
• The IRS reaffirmed the framework via its broader Digital Assets guidance page, with the original Notice 2014-21 still serving as the controlling authority.

Source: IRS Notice on Virtual Currency Tax Treatment, IRS Digital Assets guidance

Tax treatment ranks among the most misunderstood topics in mining economics. Across our coverage of SEC crypto enforcement data and US regulatory compliance, the recurring pattern is that taxation does more to shape miner behavior than enforcement does. The line between hobby and business is what determines whether equipment deductions are available, and the difference can change effective tax rates by many points.

Frequently Asked Questions

Conclusion

Hash price closed Q1 this year near $23.9 per PH/s per day, even as the network hashrate touched 1.1 ZH/s during October 2025, according to Hashrate Index data. Network security keeps growing as miner pay shrinks, because the most efficient operators absorb capacity from the least efficient.

CleanSpark’s record revenue growth shows what survival looks like at the top of the curve; the public miners that report monthly production sit at the surviving end of a fleet that started last year looking very different. For the broader category, the pattern we have tracked across multiple halving cycles still holds: the price multiples shrink, the institutional rails grow, and the economics of mining migrate toward whoever controls the cheapest reliable kilowatt-hour. That migration, alongside parallel shifts in cryptocurrency security and fraud data, forms the story behind every other number in this category.