Cost per Hash

Cost per hash is a metric that relates mining expenses to computational capacity. It allows mining operations of different sizes to be compared on a normalized basis.

The metric can be expressed as the cost of operating one TH/s, GH/s, or another unit of hashrate for an hour, day, or other period.

What can be included

Depending on the methodology, the calculation may include only variable costs such as electricity or a broader set of operating expenses. The cost components and calculation period should therefore always be specified when comparing values.

Cost per hash is particularly useful when compared with revenue per hash. If normalized revenue exceeds the attributable cost under the same assumptions, the operation produces a positive difference for that model.

Electricity price, power consumption, power efficiency, and equipment utilization are major inputs into the calculation.