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п»їHash Price Explained.
Learn how to calculate hash price, how it changes in relation to bitcoin’s price and the network’s hash rate, and apply it in practice.
Learning Objectives:
Defining hash price Calculating hash price and its respective variables The directional impact of bitcoin's price and the network's hash rate on hash price Estimating mining profitability and comparing the effectiveness of mining rigs using hash price.
Table of Contents.
What Is Hash Price? But First, What Is a Hash? Hash Price Calculation Estimating the Bitcoin Network’s Daily Revenue Estimating the Bitcoin Network’s Hash Rate Solving for Hash Price Calculating the Value Creation of Bitcoin Mining Comparing the Effectiveness of Mining Rigs.
Disclaimer.
This report is provided for general informational purposes only. The opinions expressed in the report may differ from those expressed by Marathon Digital Holdings ("MDH"), its officers, employees, directors or advisors or their affiliates. The information on this report does not constitute investment, legal, accounting or other advice or information by MDH or its officers, employees, directors or advisors or their affiliates. Information has been obtained from sources believed to be reliable, but MDH or its affiliates do not warrant its completeness or accuracy. Outlooks and past performance are not guarantees of future results. The information in the report may be changed without notice and is not guaranteed to be complete, correct or up-to-date, and may not reflect the most current developments.
What Is Hash Price?
Hash price measures the daily revenue Bitcoin miners can expect to earn per unit of computational power and is typically measured in dollars per terahash per second per day ($/TH/s/day). Hash price can be viewed as the market value of converting electricity into hashes for bitcoin.
Three variables drive hash price:
Bitcoin’s exchange rate to dollars (bitcoin's price) The Bitcoin block reward (block subsidy + fees) The Bitcoin network’s hash rate.
In the volatile world of Bitcoin mining, predicting miner performance and profitability can be challenging. Bitcoin mining relies heavily on two crucial yet unknown variables: bitcoin’s price and the network’s hash rate. However, there is a way to simplify these variables into a single number using hash price. Hash price measures the daily revenue Bitcoin miners can expect to earn per unit of computational power. This metric is essential for not only miners, but also investors and analysts in estimating the profitability of ASIC mining rigs and gauging the effectiveness of their ability to convert electricity into revenue. ‍ By understanding hash price, one can simplify the logic of Bitcoin mining, as it expresses in a single number, the dollar value of one unit of computational power or hash.
But First, What Is a Hash?
As it relates to Bitcoin, a hash is an encrypted, fixed-length string of bits that serves as a digital fingerprint for authenticating and identifying blocks on the Bitcoin blockchain. Miners generate hashes using the SHA-256D hashing algorithm to transform transaction data into 256 bits (64 characters) through the mining process. While specialized computers (ASICs) are predominately used for mining today, it is important to note that any computing device capable of executing the calculation can be used to generate hashes, such as a general-purpose computer, albeit inefficiently and ineffectually.
At its core, the mining process involves converting electricity into hashes using ASICs. Miners race against other miners to create as many hashes as possible to guess the correct hash of the block header – a data structure containing essential information about the block, such as the block height, the previous block's hash, the Merkle root of the transactions, and a timestamp. The objective for a miner is to generate the correct hash that matches a specific number with a certain number of leading zeros (at the time of writing, this is a number with 20 leading zeros), which is determined by the Bitcoin protocol's difficulty adjustment. The "solution" cannot be determined in advance, nor can miners alter the algorithm to produce a specific hash value. This feature of Bitcoin's proof-of-work algorithm means that the only way to produce a hash result that satisfies the hash function is to try again and again, randomly modifying one parameter, known as the nonce, until the desired hash result appears by chance.
So, what motivates miners to consume electricity and expend real-world resources to mine blocks? For their efforts, the first miner to produce the correct hash is rewarded with newly minted bitcoin (block subsidy) and transaction fees; this continual process repeats approximately every 10 minutes. As such, hashes can be viewed as a digital commodity, similar to electricity, unable to be stored or held. The value of a hash fluctuates based on bitcoin's price, the block reward, and network's hash rate. And since bitcoin has a dollar- denominated market price, the value of a single hash can be calculated using a simple formula.
NOTE : For a more in-depth understanding of a hash, the mining process, and other terminology, please visit the Bitcoin Wiki.
‍ Figure 1: High-Level Overview of the Electricity to Hash Conversion Process.
Source: Marathon Digital Holdings.
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