Indicator Overview

The Hashprice is a high-sensitivity profitability index designed to measure the economic value of Bitcoin hashing power. Due to the astronomical growth of network hashrate over the last decade, standard revenue metrics often dwindle into unreadable decimals. This indicator solves that by applying a Quadrillion-scale multiplier to both USD and BTC revenues.

By converting micro-fractions into large, readable index points, the indicator reveals the structural floor of the mining industry across every cycle. It acts as a real-time monitor for miner economics, showing exactly how much value is being generated per unit of work. Whether viewed in USD (Revenue Index) or BTC (Sats Index), the metric filters out the noise to show the true efficiency and survival thresholds of the global mining fleet, and how cut-throat the mining industry continues to become.

How To Use

The Hashprice is a go-to tool for identifying miner-driven market turning points and operational pain zones.

• Index Peaks: High readings on the index indicate periods of mining euphoria. This occurs when Bitcoin’s price is rising faster than the network can add new hashrate, leading to massive profitability. Historically, these vertical spikes often precede local or macro market tops.

• The Floor: As the index trends lower, competition is increasing or the price is stagnating. When the index hits a major multi-year low (visible clearly on the log scale), it signals Miner Capitulation. These levels represent the point where only the most efficient operations survive, and they have historically marked the ultimate buy-the-dip zones for long-term investors.

• USD vs. BTC Index:

1. USD Index: Use this to track the fiat-denominated survival of the industry. It indexes the raw paycheck miners receive to cover their electricity and hardware costs.

2. Sats Index: Use this to track the network's internal efficiency. A falling Sats Index confirms that the Bitcoin network is becoming structurally more difficult to mine, increasing the scarcity value of every newly minted coin.