Hashprice (or "hash price") is the market value assigned per unit of hashing power. Hashprice is measured by dollars per terahash per second per day ($/TH/s/d).
The more hashing power that is directed toward Bitcoin or any other Proof-of-Work blockchain, the cheaper the value of an individual miner’s hashing power becomes. But when hashrate drops, meaning total hashing power is declining, the value per unit of hashing power increases.
Hashprice is not a measure of per-block revenue collected by miners from mining subsidies and network fees. Instead it serves as a more refined measurement for the daily revenue compute power hashing for a given network.
Fluctuations in the value of hashrate are triggered by:
- Changes in mining difficulty;
- And changes in bitcoin’s price.
Hashprice has is negatively correlated to hashrate, which is seen when mining difficulty adjusts. Bitcoin’s mining difficulty increases or decreases according to similar growth or reduction in the network’s hashrate. Difficulty reduction comes from less total hashing power, which causes an increase in hashprice. Similarly, difficulty increases from growth in total hashrate equates to a reduction in hashprice.
Hashprice is positively correlated to bitcoin’s price movements. Between difficulty adjustments, hashprice moves with bitcoin’s price. When the price climbs or drops, the dollar-denominated revenue per terahash follows.
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