Hashprice Near $40: Which Mining Sites Still Make Money (and Which Owners Will Sell)
At about $40 per PH per day, a fleet's efficiency sets a hard ceiling on the electricity cost it can afford. Here's where that ceiling sits, who is under pressure, and what it means for anyone buying a site.
Hashprice was $39.87/PH/day on 28 September 2026, and the forward curve averages about $38 for the next six months. At that level, a fleet under 14 J/TH earns about $138 per MWh, but an older fleet at 25 to 38 J/TH earns only about $52. That means older machines on electricity above roughly 5¢/kWh are close to break-even or below it. Expect more sites and fleets for sale, and a growing premium on cheap, firm power.
Hashprice is the simplest number in mining. It tells you what one petahash of computing earns in a day. Right now it is low, and it is not expected to rise much soon. That changes which sites make money and which owners start looking for an exit.
Where hashprice stands
The Hashrate Index roundup for 28 September 2026 gives the current picture:
- Bitcoin at $83,479.
- Hashprice at $39.87/PH/day, down 3.8% on the week.
- 7-day average hashrate of 952 EH/s.
- Difficulty at 132.76T, after a +4.16% adjustment on 19 September.
- A forward curve that averages $38.34/PH/day from September 2026 to February 2027.
For context, hashprice was about $63 in July 2025 and fell to about $31.80 by mid-August 2026, according to CoinDesk. That followed a June average of about $27.7, the lowest on record according to CoinShares' Q2 2026 mining report. So today's level is a partial recovery from that low, but still far below last year.
Transaction fees are not filling the gap either. In the week to 21 September, fees were only 0.59% of block rewards, about 19 BTC or roughly $1.47 million, per Hashrate Index. Almost all miner income still comes from the block subsidy.
Turning hashprice into an electricity cost ceiling
Hashprice is paid per unit of hashrate. Your bill is paid per unit of energy. To compare them, convert hashprice into revenue per MWh for a given fleet efficiency.
The formula is simple. One PH/s at E joules per terahash uses E kilowatts, so it uses 0.024 × E MWh a day:
Revenue per MWh = hashprice ÷ (0.024 × J/TH)
That revenue figure is also your break-even electricity cost before any other costs. If a fleet earns $138 per MWh, it can pay up to $138/MWh (13.8¢/kWh) for electricity and still cover the power bill. It still has to pay for staff, cooling, repairs, pool fees and the machines themselves. So the real ceiling is lower.
| Fleet efficiency | Revenue per MWh at $39.87 | Break-even electricity cost (before other costs) | Source |
|---|---|---|---|
| Under 14 J/TH | about $138 | about 13.8¢/kWh | Hashrate Index |
| 17 J/TH | about $98 | about 9.8¢/kWh | Our calculation |
| 21 J/TH | about $79 | about 7.9¢/kWh | Our calculation |
| 25 to 38 J/TH | about $52 | about 5.2¢/kWh | Hashrate Index |
The two outer rows come from the Hashrate Index roundup. The middle rows use the formula above with the same $39.87 hashprice.
Who is under pressure
The table makes the split clear.
New-generation fleets are fine at most sites. A fleet under 14 J/TH covers its electricity even at fairly expensive grid power. Margins are thinner than in 2025, but these machines keep running.
Older fleets are marginal above about $50/MWh. A fleet at 25 to 38 J/TH earns about $52 per MWh. Once you add hosting, staff and repairs, it needs electricity well below 5¢/kWh to make real money. Many sites pay more than that. Those fleets are running at or near a loss.
Sites with mid-range electricity cost and old machines are the most exposed. These owners have three options: upgrade the fleet, find cheaper power, or sell. Upgrading costs capital that is hard to raise when margins are thin. Moving is slow. Selling is often the fastest answer.
Could hashprice recover?
It could. CoinDesk notes that a return to $126,000 bitcoin could lift hashprice to about $59. That would move the older-fleet break-even back to a more comfortable level.
But the forward curve does not price that in. It points to about $38 on average for the next six months. A sensible plan assumes today's level, and treats any recovery as upside.
What this means for buyers
- Expect more sellers. Owners with older fleets and electricity above about 5¢/kWh will look for exits. Some will sell the whole site, some will sell machines, and some will look for a hosting client or a lease. Our guide on whether to buy or lease a mining site covers the trade-offs.
- Value the power, not the fleet. A site with cheap, firm electricity is worth more than its machines. Old machines on cheap power can still work. Old machines on expensive power are a cost.
- Pay up for cheap, firm power. The gap between good and bad electricity cost now decides who survives. That is why sites with low, contracted rates are getting a premium.
- Run your own numbers. Use your exact fleet, electricity cost and other costs. Our step-by-step guide to calculating miner profitability shows how, and you can check any machine at any electricity cost on the ASIC Board.
- Ask about curtailment and contracts. A low rate is only useful if it lasts. Check the term, price changes and what happens during grid events.
The bottom line
At a hashprice near $40, efficiency and electricity cost decide everything. Modern fleets on reasonable power keep earning. Older fleets on power above about 5¢/kWh are close to the edge, and some of their owners will sell. For buyers, that means more choice, as long as you focus on the one thing that keeps its value: cheap, reliable electricity.
Compare sites on the map at cryptosites.io, and click any country for its electricity price, power mix, mining legal status and CryptoSites score. If you own a site and want to see what it is worth today, our site specialists can help through the listings desk.
CryptoSites.io is a marketplace for powered land, mining sites and hosting capacity worldwide. Hashprice and market figures are from Hashrate Index and CoinDesk as of September 2026 and change daily. Middle rows of the table are our own calculations. This is not financial advice.
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