Bitcoin Hashprice Hits Five-Year Low Amid High Difficulty and Retreating BTC Price
Bitcoin's hashprice has fallen to $38.2 per PH/s, marking a five-year low as network difficulty and hashrate remain near record highs while the Bitcoin price retreats. Hashprice, which is the expected daily value of one terahash per second of computing power according to Luxor's metric, depends on four variables: network difficulty, Bitcoin price, block subsidy, and transaction fees. It tends to rise with increases in price and fee volume but falls with higher difficulty.
Currently, Bitcoin is priced around $91,000, approximately 30% below its October high at over $126,000. Meanwhile, network hashrate stays high, exceeding 1.1 ZH/s on a seven-day moving average, and network difficulty is close to all-time highs at 152 trillion. Transaction fees remain very low, with mempool.space quoting a high-priority transaction fee of about $0.25 (2 sat/vB).
Mining stocks have also declined, as many miners pivot toward AI infrastructure. The CoinShares mining ETF WGMI is down about 43% from its peak, now trading just under $41. This reflects a broader shift in the sector toward AI infrastructure and a corresponding decline in investor enthusiasm for pure Bitcoin mining.
