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TCB Miner Stress Score

TCB Proprietary Index · Updated Daily

TCB Miner Stress Score

1.0661.000 = breakeven
Profitable2026-09-23

The average Bitcoin miner is profitable. Today’s hash price of $42 per PH per day sits 7% above the estimated breakeven of $40, leaving room to cover overhead and reinvest.

Hash Price$42/PH/day
Breakeven$40/PH/day
Network Hashrate920.1 EH/s
BTC Spot Price$85,831

Where It Stands Today

Capitulationbelow 0.70
Stress Zone0.70 to 1.00
● NOWProfitable1.00 to 1.50
Highly Profitableabove 1.50

What This Index Measures

The TCB Miner Stress Score is the ratio of today’s hash price to the estimated total production cost for the average Bitcoin miner. A score above 1.0 means the typical miner is profitable. Below 1.0 means the typical miner is losing money at current prices and difficulty.

When the score drops under 0.7, the network enters capitulation territory. Less efficient rigs power down, difficulty adjusts lower, and the miners who remain capture a larger share of the block reward. These stretches have historically lined up with price bottoms.

How TCB Computes It

score = hash_price / estimated_breakeven_cost
Hash price in dollars per PH per day equals daily block rewards plus fees, times the BTC price, divided by network hashrate in PH.
Breakeven cost assumes average fleet efficiency of 30 J/TH and electricity at $0.055 per kWh, which works out to roughly $40 per PH per day.
The score divides the two, so 1.00 is breakeven, above 1.00 is profit, and below 1.00 is a loss.

Data sources: mempool.space for hashrate, difficulty, and fees, plus CoinGecko for the BTC price. Computed every morning at 6 AM UTC.

Score History, Last 14 Days

Date Score Hash Price Status
2026-09-23 1.066 $42/PH Profitable

Interpretation Guide

Above 1.50 Highly profitable. Hash price is well clear of breakeven and miners are accumulating.
1.00 to 1.50 Profitable. The typical miner covers costs with margin to spare.
0.70 to 1.00 Stress zone. Margins are thin and higher cost operators start to struggle.
Below 0.70 Capitulation territory. Inefficient rigs shut off and difficulty tends to fall. Often near a price bottom.

TCB Miner Stress Score is a proprietary metric computed daily by The Central Bulletin. Source data: mempool.space, CoinGecko. Methodology assumes average fleet efficiency of 30 J/TH and $0.055/kWh electricity cost.