Bitcoin is up but mining revenue is still falling — it seems counterintuitive, but people in the mining community are used to it. The core reason hashprice is falling is this: the small rise in coin price simply cannot fill two big holes — surging hashrate and collapsed transaction fees.
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First, understand why the assumed cause-and-effect is wrong
Most people think "if the coin price goes up, miners should earn more." That idea misses three other variables in the hashprice formula.
Hashprice = (daily block rewards + transaction fees) × BTC price / total network hashrate
When you plug in the coin price, it is only one factor in the formula. Its gains are being dragged down by two things at the same time:
Factor one: total network hashrate is still high (the denominator is too big)
In 2026, hashrate pulled back from the historical peak of 1.3 ZH/s at the end of 2025, but after a drop of about 21%, it is still around 900 EH/s. Even with the price near $63,000, hashrate scale is still far higher than in 2024. When the denominator is big, the share of the cake each unit of hashrate gets is naturally smaller.
Factor two: transaction fee revenue has collapsed to almost zero (the numerator has evaporated)
In July 2026, transaction fees as a share of total miner revenue fell to 0.69% — near the lowest point in the past decade. In April 2024, after the halving, during the Runes boom, that number once exceeded 75%. Now on-chain activity is quiet, and the extra income is essentially nothing.
Real-time data shows how low it really is now
Add those two factors together, and the current hashprice (August 2026) is around 31–32 USD/PH/s per day. For comparison: in October 2025, hashprice was still around $63, so it has fallen by half in one year. This is even with Bitcoin's price rebounding from around $60,000 to about $63,000 — the price increase cannot support mining economics, which shows the offsetting force of the other two variables is far stronger than the pull from the coin price.
CoinShares did a reverse calculation: if Bitcoin could rebound to the October 2025 all-time high of $126,000, hashprice would only then return to about $59/PH/s per day. In other words, to get back to the mining income level of one year ago, the coin price needs to double — not rise by a few percentage points.
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What this data can tell you
If you are evaluating whether a mining machine is worth turning on, or looking at the fundamentals of a mining company's stock, hashprice reflects the industry's real pressure more directly than Bitcoin price. At the current level of 31 USD/PH/s per day, older mining machines with efficiency above 25 J/TH have already entered loss-making territory, and about one-fifth of miners are in a cash-cost loss state.
A practical check you can do: open the Hashrate Index website, look at today's USD hashprice data, then compare it with the J/TH and electricity cost of the mining machine model you care about, and calculate whether running it makes money or loses money. This number changes every day, so don't just watch the coin price.
