Our Methodology

Hashprice (USD/TH/s/Day)

Estimates the value of Bitcoin hashrate that miners receive from FPPS Bitcoin mining pools.

The hashrate marketplace is an OTC market where miners (ASIC owners) sell their hashrate to mining pools. The true value of hashrate is the weighted average price at which mining pools are buying hashrate from miners. While it is not currently possible to get an exact price, we can make a pretty close approximation (~1-3% margin of error).
The first thing we do is take the Full-Pay-Per-Share (FPPS) rate for Bitcoin mining pools. The FPPS represents the expected value for both the block reward and the transaction fees. Given transaction fees are unknown we use a rolling 24-hour period to estimate them, similar to the Luxor Mining Pool. We estimate that around 52% of the network operates on an FPPS payment method, and another 44% on a PPS+, which is quite similar. A full guide on FPPS and PPS+ can be found here.
Once we have established the FPPS rate we can estimate a weighted average fee across pools. This estimation is based on our conversation with miners to understand their existing fees.
The FPPS rate minus the weighted average fee is the closest approximation to how much hashrate is worth in the current Bitcoin mining pool landscape. We then multiply this number by the Bitcoin price from Binance.
Bitcoin Price (USD) and Network Difficulty

The price of Bitcoin, compared with the network difficulty.

Bitcoin price data is taken from the Binance API. The Bitcoin network difficulty is taken from Luxor’s Bitcoin node.
BRRR Miner Revenue Chart (BTC)

Displays the live emission of new Bitcoin being created, in addition to network transaction fees.

The block reward and transaction fees are taken from Luxor’s Bitcoin node.
Rig Price Index (USD/TH)

The average cost per mining rig divided by its hashrate (TH), grouped into efficiency or chip technology buckets.

We collected the price, hashrate, and electricity usage for dozens of SHA-256 miners over time. We utilized multiple sources including forums (Bitcoin Talk, Reddit), broker-dealers (websites, telegram channels, Discord channels, WeChat Groups), manufacturers’ websites and industry reports.
The cost per TH for each bucket (efficiency or nanometers) is found by dividing the ASIC price by its compute power. By aggregating several thousand data points spanned across 3+ years we are confident we achieved the most accurate market value for mining equipment.
Our first group of efficiency represents the latest generation of miners on the market. We will continue to break out the first tier of miners as new miners come onto the market.
Popular Rig Prices (USD)

Historical cost of the most popular SHA-256 ASIC miners.

We collected the price for SHA-256 miners over time. We utilized multiple sources including forums (Bitcoin Talk, Reddit), broker-dealers (websites, telegram channels, Discord channels, WeChat Groups), and manufacturers’ websites.
Rig Price (USD/TH) vs Operating Expense (USD/TH/Day)

Comparison of capital expenditure vs operating cost of mining rigs for different chip size buckets.

For CapEx we use the most recent cost per TH for each chip size bucket based on the methodology of the Rig Price Index. For OpEx, we calculated a weighted average efficiency (J/TH) for each chip size bucket and calculated the operational costs with a 5 cents USD all-in rate.
Assets (Stocks)

Public PoW Companies, that manufacture mining equipment, use mining equipment to produce cryptocurrency or provides hosting services to cryptocurrency miners.

Most of the financial data for the companies listed is provided by IEX Cloud. Data points not provided by IEX Cloud are sourced directly by Hashrate Index’s in-house research.
Total Capacity: the amount of electrical power available to the company. Total capacity does not necessarily mean operational capacity, as often operators have some excess capacity waiting on new equipment. To understand the conversion of electricity to hashrate you can follow this guide.

Total Revenue: refers to the sum of both operating and non-operating revenues. Revenue figures are as of last fiscal year. For companies not listed in the U.S., revenue’s are converted using today’s exchange rate. This may cause a few percent in difference from reported numbers.

Revenue per MW: a measure of efficiency that shows how much revenue the business generates per MW of power available. Some companies are not operating at full capacity.

EBITDA Margin: a measure of profitability by taking EBITDA as a percentage of total revenue.

Market Cap: market cap of the security calculated as shares outstanding times previous day close price. The number of shares outstanding is calculated as the difference between issued shares and treasury shares.

Enterprise Value (EV): is a measure of a company’s total value. It is used to measure the entire company’s value (equity + debt). It is calculated by taking market capitalization, adding outstanding debt and subtracting cash and cash equivalents.

EV / Revenue: the enterprise value-to-revenue multiple (EV/R) is a measure of the value of a stock that compares a company’s enterprise value to its revenue.

52 Week Range: indicates the lowest and highest value the stock close price traded within the last 52 weeks.

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