Mining economics
What it costs to produce Bitcoin, and how that compares with lending it. The audience here is the miner-borrower: a producer deciding whether to sell output, borrow against it, or lend it.
These are producer-side measures, not credit measures. They moved here from the credit dashboard for that reason.
How much history is behind these
Mainnet history for all three series begins 2026-07-21. It is days rather than years deep. The equivalent testnet series run far longer and are not the same data — nothing here joins across the two.
Production
Network hashrate
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Miner breakeven
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The BTC price at which production stops covering its cost
BTC price
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Hashprice — not available. Revenue per unit of hashrate is not held as a series. It could be derived from price, hashrate and the block subsidy, but a figure this page computed for itself would be a new measure published without a definition, and it would not match anyone else's.
Producer-side indicators
Hash-rate credit spread
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Revenue-per-input differential
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Mining revenue yield spread
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How each is computed
Hash-rate credit spread
The gap between this protocol's implied BTC price floor and the estimated cost of producing a Bitcoin. Break-even is modelled from network hashrate and an electricity cost assumption (25 J/TH at $0.05/kWh), so it is an estimate of the industry's cost, not any one miner's.
Revenue-per-input differential
The gap between the implied price floor and the average price at which the existing supply last moved. Realised price comes from walking the UTXO set on a self-hosted node, so it is measured rather than surveyed.
Mining revenue yield spread
Annualised mining yield minus a chosen lending rate at matched tenor — whether producing pays better than lending. Yield is block reward over supply, annualised. The lending leg is the reference selected above, which is what keeps this a general comparison.
Why the yield spread is published when similar measures were retired
Several spreads measured against this protocol's own curve were withdrawn from the site, because a diagnostic of our own fit describes us rather than the market. This one is kept for a specific reason: its reference rate is a parameter, not a fixed dependency on ours — it is miner yield minus a chosen lending rate at matched tenor, and the choice travels with the reading. That makes it a general comparison a reader can point at any venue, rather than a statement about this one.
Provenance
Hashrate and breakeven are network measures computed from chain data and price. The three indicators are computed nightly and carry a maturity flag with every reading; where a value is a proxy rather than a direct measurement, the reading says so.