Crypto Mining Profitability Statistics 2026: Hash Price & Margins

Bitcoin’s hash price sat at $38.71 per PH/s per day in September 2026. The spot price behind that reading was $79693.54. The network hashrate competing for those rewards was 932.11 EH/s.

Hashprice is what one petahash of computing power earns in a day, before a single watt of electricity is paid for. On the cost side, the picture is harsher. RIOT PLATFORMS reported a Q2 2026 Cost to Mine of $49,912 per bitcoin against a production value of one Bitcoin mined of $71,667. Once rig depreciation is included, that cost reaches $90,631, well above what each coin was worth on the day it was mined.

Key Takeaways

• Hashprice stood at $38.71 per PH/s per day in September 2026, derived from network data rather than quoted from an index.
• RIOT PLATFORMS disclosed an average Hash Price of $34 per PH/s per day in Q1 2026 and again in Q2 2026, down from $56 in Q3 2025.
• Riot’s all-in cost per bitcoin reached $90,631 in the second quarter of 2026. The production value of one Bitcoin mined in the same quarter was $71,667.
• Core Scientific was billing for 437 MW of capacity as of mid-July, representing approximately $635 million in average annualized colocation GAAP revenue.
• TeraWulf‘s lease with Anthropic accommodates approximately 401 MW of critical IT load and is expected to generate approximately $19 billion of contracted lease revenue over the initial term.
• Foundry USA found 287 of the 1,043 blocks recorded across the trailing week, the largest single pool share on the network.
• Transaction fees supplied 0.60% of total miner reward across the block window measured, leaving the subsidy to carry the rest.

Editor’s Choice

• Average Network Hash Rate peaked at 1,071 EH/s in Q4 2025 before easing to 994 EH/s and then 957 EH/s. The live reading had fallen to 932.11 EH/s.
• MARA improved Cost per petahash per day by 4% to $27.7 from $28.7, and still posted a net loss of $611.3 million.
• Riot’s bitcoin mining gross margin fell from 50% to 30% across the five quarters ending in Q2 2026.
• CleanSpark reached peak efficiency of deployed fleet of 16.07 J/Th across 230,507 machines in July 2026.
• Power curtailment credits cut Riot’s electricity bill by $10.1 million in Q2 2026, equating to $6,335 per BTC for the quarter.
• A mid-generation machine breaks even at an electricity price of $0.0538 per kWh at that hash price.

Bitcoin Hashprice in 2026: USD per Petahash per Day

• Across the block window ending at height 965,519, the network paid out 316,916,187,492 satoshis in total rewards.
• Daily network revenue across all miners works out to 452.74 BTC.
• The BTC spot price recorded in USD behind that calculation was 79693.54.
• Hashprice therefore lands at $38.71 per PH/s per day.
• RIOT PLATFORMS reported an average Hash Price of $51, $56, $42, $34, and $34 per PH/s per day across the five quarters from Q2 2025 to Q2 2026.
• The production value of one Bitcoin mined fell from $114,361 in Q3 2025 to $71,667 in Q2 2026.

Source: Riot Platforms Q2 2026 Form 8-K Exhibit 99.2, August 2026

The derivation was checked against the filing before publication. Feeding the same Q2 2026 averages back through the formula lands within $0.10 of the reported hash price. The Q2 2025 inputs land $0.0625 above the reported figure, within seven cents.

By the numbers: Two independent reconstructions match Riot’s own reported hashprice to within ten cents per PH/s per day. The method behind the $38.71 headline figure is therefore reproducible by any reader from public block data and a single spot quote, with no index subscription and no proprietary feed involved at any step.

The same compression runs through the cryptocurrency mining statistics covering hardware shipments.

Bitcoin Network Hashrate and Mining Difficulty

• The filing puts the Avg. Network Hash Rate at 1,071 EH/s in Q4 2025, 994 EH/s in Q1 2026, and 957 EH/s in Q2 2026.
• Dividing the raw reading of 932108513175739000000 hashes per second by 1e18 puts the live network at 932.11 EH/s.
• Dividing the raw difficulty reading of 125807076547197.5 by 1e12 puts the mining difficulty at 125.81 trillion.
• With 142 blocks left before block 965,664, the next adjustment was tracking an increase.
• That increase works out at 1.45%.
• The previous retarget moved difficulty by 1.31% in the opposite direction.

A retarget that small is the signal to watch. Difficulty moving sideways means the marginal machine is neither being switched on nor switched off, which is what a market clearing at breakeven looks like.

Source: mempool.space difficulty adjustment endpoint, 4 September 2026

Don't chase the news. Let us curate it.

You get one weekly briefing with only the stories that matter. If the market is quiet, we skip it.

Email address

Get the Weekly Briefing - it's free!

✅ Join readers from Visa, Mastercard, Vanguard, and the FDIC.

Recent Developments

• 6 July 2026: TeraWulf announced a 20-year lease agreement with Anthropic covering roughly 401 MW of critical IT capacity at its Justified Data campus in Hawesville, Kentucky.
• 28 July 2026: Core Scientific reported second-quarter colocation revenue of $136.7 million and announced an AMD partnership with the potential to support up to 2.5 GW of leasable capacity.
• 5 August 2026: TeraWulf reported second-quarter revenue of $44.8 million, of which $31.9 million came from HPC leases.
• 5 August 2026: CleanSpark reported 586 bitcoin produced in July 2026 at a peak deployed-fleet efficiency of 16.07 J/TH.
• 6 August 2026: MARA Holdings reported a second-quarter net loss of $611.3 million on revenue of $174.9 million, with energized hashrate up 22% year over year.
• 10 August 2026: Riot Platforms disclosed a 20-year data centre lease with an unnamed frontier AI lab covering 191 MW and $9.1 billion of initial contract revenue.

Cost to Mine One Bitcoin at Public Miners

• RIOT PLATFORMS reported a Cost to Mine of $48,992, $46,324, $60,619, and $44,629 across the four quarters from Q2 2025 to Q1 2026.
• A Q2 2026 Cost to Mine of $49,912 followed, due to a power strategy driving an all-in cost of power of 3.6c/kWh.
• MARA improved Cost per petahash per day by 4% to $27.7 from $28.7.
• MARA’s purchased energy cost per bitcoin rose to $38,690 from $33,735.
• MARA’s cost per kWh at owned sites was $0.04.

Source: Riot Platforms Q2 2026 Form 8-K and MARA Holdings Q2 2026 shareholder letter, August 2026

Fleet-level cost data sits behind the treasury behaviour tracked at MARA Holdings. The coin-sales record there makes more sense once the per-coin cost is visible.

All-In Mining Cost Versus Bitcoin Production Value

Cost to mine excludes rig depreciation, the largest capital item on a miner’s balance sheet.

• RIOT PLATFORMS mined 1,426, 1,406, 1,324, 1,473, and 1,587 bitcoin across the five quarters ending in Q2 2026.
• Production value of one Bitcoin mined ran $98,800, $114,361, $99,482, $75,964, and $71,667 over the same five quarters.
• Cost of revenue net of curtailment credits and including rig depreciation gives an all-in cost of $90,631 per bitcoin in Q2 2026.
• That is $18,964 more than each coin was worth when it was produced.
• The same arithmetic returns $106,062 for Q4 2025, the first quarter of the crossover.
• Q1 2026 returned $96,283.

Three consecutive quarters of all-in cost above production value is the finding, and only a reader who divides the reconciliation table themselves will see it. Excluding depreciation is defensible when rigs are new and indefensible when they are the reason capital keeps being raised. The full reconciliation sits in Riot’s Q2 2026 earnings presentation filed with the SEC.

Bitcoin Mining Gross Margins Through the 2026 Drawdown

Gross margin compresses faster than revenue because the electricity bill does not fall with the coin price.

• RIOT PLATFORMS reported bitcoin mining gross margins of 50%, 59%, 39%, 41%, and 30% across the five quarters ending in Q2 2026.
• Q2 2026 Bitcoin Mining Revenue came to $113.7 million with Gross Profit of $34.5 million.
• Margin fell 11 points between Q1 2026 and Q2 2026 while revenue barely moved.
• MARA reported revenue of $174.9 million, a decrease of 27% from $238.5 million.
• MARA posted a net loss of $611.3 million and adjusted EBITDA of ($360.9 million) against $1.2 billion a year earlier.

AI and HPC Colocation Revenue at Former Bitcoin Miners

• TeraWulf generated second-quarter revenue of $44.8 million, including $31.9 million of HPC lease revenue, representing approximately 71% of total revenue.
• TeraWulf ended the quarter with approximately $3.0 billion of cash and restricted cash.
• TeraWulf operated 81 MW of revenue-generating critical IT capacity at Lake Mariner as of June 30, 2026, rising to 102 MW after CB-3 was delivered.
• Construction continued on an additional 336 MW across CB-4 and CB-5.
• Core Scientific was billing for 437 MW of capacity as of mid-July, representing approximately $635 million in average annualized colocation GAAP revenue.
• Total leased customer power capacity reached approximately 1.1 GW, representing more than $24 billion of potential contracted revenue.

Source: Core Scientific, TeraWulf, Riot Platforms and Cipher Mining disclosures, 2025 to 2026

Why it matters: A company whose revenue is majority-colocation is not a mining company any more, and the profitability question changes shape with it. Lease income is contracted, dollar-denominated and indifferent to hashprice, which is the opposite of every characteristic that makes mining revenue volatile quarter to quarter.

Contracted AI Data Center Lease Backlog by Company

• TeraWulf entered a 20-year lease agreement with Anthropic accommodating approximately 401 MW of critical IT load, expected to generate approximately $19 billion of contracted lease revenue over the initial term.
• Initial capacity is expected to be placed into service during the second half of 2027.
• RIOT PLATFORMS executed a data center lease with a leading frontier AI lab for 191 MW of critical IT capacity, a 20-year lease expected to generate $9.1 billion in total initial contract revenue.
• Two 5-year extension options would generate $16.1 billion in total potential contract revenue if exercised.
• Cipher executed a 15-year lease with Amazon Web Services covering 300 MW of gross capacity at an estimated contract value of approximately $5.5 billion.
• Core Scientific’s AMD partnership could support up to 2.5 GW of leasable capacity, anchored by 15-year agreements for approximately 530 MW across five sites and more than $14 billion of potential base contracted revenue.

Source: SEC Form 8-K filings from TeraWulf, Riot Platforms, and Cipher Mining, plus Core Scientific’s second-quarter 2026 results press release, 2025 to 2026

The table above totals four leases by dollar value, contracted or potential. The table below adds the operational detail behind each figure: which operator signed the lease, which counterparty holds it, how much critical IT capacity it covers, and the contract term.

Source: SEC Form 8-K filings from TeraWulf, Riot Platforms and Cipher Mining, plus Core Scientific’s second-quarter 2026 results press release, 2025 to 2026

Every one of these agreements reached the public record through a Form 8-K. That is the same disclosure channel behind the SEC crypto enforcement data tracked elsewhere.

Mining Fleet Scale and Efficiency

• CleanSpark reported an operational hashrate of 50 EH/s and an average operating hashrate of 38.6 EH/s in July 2026.
• Peak efficiency of the deployed fleet reached 16.07 J/Th across 230,507 machines as of July 31.
• CleanSpark produced 586 bitcoin in the month at average daily bitcoin production of 18.91.
• MARA reported an energized hashrate of 70.3 EH/s, an increase of 22% from 57.4 EH/s a year earlier.
• RIOT PLATFORMS ended Q2 2026 with 44.4 EH/s of deployed hash rate and 2.0 GW of available power capacity.

A fleet at that efficiency sits close to the practical frontier for air-cooled hardware. The operational record at CleanSpark reads differently from operators still running older machines. Efficiency gains are defensive now, buying survival rather than growth.

Electricity Cost and Power Curtailment Credits

• RIOT PLATFORMS generated power curtailment credits of $10.1 million in Q2 2026.
• Those credits drove an all-in cost of power of 3.6c/kWh, equating to $6,335 per BTC for the quarter.
• The filing lists kWh used of 1,538,273,540 in Q2 2025, rising to 1,785,649,387 in Q2 2026.
• MARA’s comparable cost per kWh at owned sites was $0.04.

Source: Riot Platforms Q2 2026 Form 8-K and MARA Holdings Q2 2026 shareholder letter, August 2026

Curtailment revenue depends on a grid operator that pays for demand response. That is why the economics of an identical machine differ so sharply between jurisdictions. The same geographic split runs through crypto adoption rates by country, where regulatory posture and energy policy move together.

Bitcoin Mining Pool Market Share

• Foundry USA found 287 blocks over the trailing week, ahead of AntPool on 177 and F2Pool on 154.
• SpiderPool found 83 blocks, ViaBTC 71, SECPOOL 63, and MARA Pool 59.
• The full week covered a total block count of 1,043.
• Foundry USA alone accounted for 27.5% of blocks found.
• Foundry USA and AntPool together reached 44.5%.

Two pools clearing that much block production is a governance fact, not a profitability one. It sits alongside the counterparty questions in the cryptocurrency security and fraud data.

Transaction Fees as a Share of Miner Revenue

• Across blocks 964,512 to 965,519, the network processed 4,681,325 transactions.
• Those blocks paid total fees of 1,916,187,492 satoshis against a total reward of 316,916,187,492 satoshis.
• Fees supplied 0.60% of the total miner reward across that window.
• The block subsidy alone accounted for 3.125 BTC of every block.

Transaction fees behave very differently at the consumer end of the market than they do on the settlement layer. A miner’s case therefore rests on the subsidy and the coin price.

Breakeven Electricity Price by Machine Efficiency

Breakeven is arithmetic once hashprice is known. A machine rated at E joules per terahash consumes 24 times E kilowatt-hours per day per PH/s. Dividing hashprice by that figure gives the highest electricity price it can absorb.

• A machine at the current fleet frontier tolerates $0.1008 per kWh.
• A slightly older machine breaks even at $0.0806 per kWh.
• A mid-generation machine breaks even at $0.0538 per kWh.
• The oldest machines still running need power below $0.0358 per kWh.

That spread explains the consolidation story. Late-generation hardware at industrial rates has headroom; the oldest machines need power at rates almost no retail tariff offers.

Public Miner Bitcoin Treasuries and Coin Sales

• MARA held 35,577 BTC and produced 2,422 BTC at an average price of $71,325.
• MARA sold 2,213 BTC at an average price of $73,078 and won 700 blocks in the quarter.
• RIOT PLATFORMS held 11,380 BTC at the end of Q2 2026.
• CleanSpark reported total bitcoin holdings of 13,924 as of June 30.
• CleanSpark sold 229 bitcoin at spot and 350 pursuant to call exercises during July, having produced 4,310 bitcoin in the calendar year.
• MARA sold the equivalent of 91.4% of the coins it produced during the quarter.

Source: MARA Holdings, CleanSpark and Riot Platforms Q2 and July 2026 disclosures

Coins sold at that scale move through the venues tracked in the crypto exchange market data. Miner flow is one of several persistent sources of sell-side supply.

Is Bitcoin mining still profitable?

Profitability now depends entirely on which cost line is being counted. On a direct-cost basis, RIOT PLATFORMS reported a Q2 2026 Cost to Mine of $49,912 against a production value of one Bitcoin mined of $71,667. Once rig depreciation enters the calculation, the same quarter shows an all-in cost of $90,631. That is $18,964 above what each coin was worth.

Mining remains profitable for operators with the cheapest power and newest hardware, and loss-making on a fully-loaded basis for most of the rest.

What is the average daily profit from Bitcoin mining?

There is no single figure, because power cost varies by an order of magnitude between operators. A mid-efficiency fleet on a four-cent power contract keeps roughly $19.51 per PH/s per day before hardware, hosting, and pool fees.

The same fleet on a twelve-cent contract loses about $18.89 per PH/s per day.

Can you mine 1 Bitcoin in a day?

Only at industrial scale. The network pays roughly 452.74 BTC across all miners each day. Producing one whole bitcoin a day therefore requires about 0.22% of global hashrate. That works out to roughly 2.06 EH/s of machines running continuously.

That is a larger fleet than most listed miners ran a few years ago, which is why individual mining is now pool-based.

Conclusion

Hashprice at $38.71 per PH/s per day sets the revenue ceiling for every machine on the network. An all-in cost of $90,631 per bitcoin sits against a production value of one Bitcoin mined of $71,667. Bitcoin mining gross margin fell from 50% to 30% across the same five quarters. Fees supplied 0.60% of reward over the window measured.

Executed leases carry approximately $19 billion of contracted lease revenue at TeraWulf and $9.1 billion at Riot, none of it earned yet. Core Scientific’s more than $14 billion figure is potential base contracted revenue from an announced AMD partnership, not an executed lease. The response has been to sell the electricity rather than the hash. Collection rules for every figure here are set out in the stats methodology.