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Bitcoin Hashprice Falls to Five-Year Low
Falling revenue and record difficulty could tighten the squeeze on bitcoin miners, though many are more driven by their AI infrastructure initiatives.
Updated Nov 18, 2025, 2:48 p.m. Published Nov 18, 2025, 1:46 p.m.
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What to know:
- Bitcoin’s hashprice has dropped to $38.2 PH/s, its lowest level in over 5 years, as difficulty and hashrate sit near record highs and bitcoin's price drops back to $90,000.
- Mining stocks have pulled back sharply, though in many cases the declines are more attributable to a decline in investor enthusiasm for AI infrastructure.
Bitcoin’s hashprice has fallen to its lowest level in five years, according to Luxor, now sitting at $38.2 PH/s. Hashprice, a term introduced by Luxor, measures the expected daily value of one terahash per second of computing power. The metric reflects how much revenue a miner can expect from a specific amount of hashrate. It can be denominated in any currency or asset, although it is typically shown in USD or BTC.
Hashprice depends on four key variables: network difficulty, the price of bitcoin, the block subsidy, and transaction fees. Hashprice rises with bitcoin’s price and fee volume, and falls as mining difficulty increases.
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Bitcoin’s hashrate remains near record levels at more than 1.1 ZH/s on a seven day moving average. Meanwhile, the bitcoin price is at $91,000, down roughly 30% from its October all time high of more than $126,000, and network difficulty remains near all-time highs at 152 trillion (t). Transaction fees remain extremely low, with mempool.space quoting a high priority transaction at 25 cents or 2 sat/vB.
This decline in hashprice is occurring alongside a broader pullback in publicly traded bitcoin mining stocks, even as many in the sector have pivoted business plans away from BTC mining and to AI infrastructure.
The CoinShares mining ETF, WGMI, has fallen 43% from its peak and is trading just below $41.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
