Bitcoin Mining Data Methodology
How Hash Research collects, normalizes and publishes Bitcoin mining company data.
Metric Definitions
We track 8 core quarterly operational and financial metrics per company per calendar quarter.
BTC Production
Self-mined Bitcoin produced and attributable to the company during the quarter. Excludes BTC produced for customers, hosted customers, or JV partners.
BTC Holdings
Bitcoin owned by the company at quarter end. Includes BTC that has been lent out but remains company-owned, and BTC pledged as collateral. Excludes BTC held on behalf of clients, pending distribution, or held by investees.
Hashrate
Preferred metric is average operational hashrate for the calendar quarter. Where unavailable, we use end-of-period, energized, installed, or deployed hashrate as alternatives, clearly labeled. Unit: EH/s.
Electricity Price
Preferred metric is actual or nearest-to-actual operating electricity rate. Where not disclosed, we use unit power cost, average power cost, energy expense / consumption, PPA rate, hosting rate, target rate, or forecast rate. Unit: USD / kWh.
Power Capacity
Energized power capacity supporting mining operations at quarter end. Where standard disclosure is absent, we use developed, available, operational, hosted, or facility capacity as alternatives. Contract, reserve, planned, or pipeline capacity is not used as a primary metric. Unit: MW.
Fleet Efficiency
Average efficiency of the company fleet or operational miners. Where not disclosed, we use operational, current, or deployed fleet efficiency. Single-model specs and future target efficiency are not used as primary metrics. Unit: J/TH.
Energy Cost per BTC
Net electricity or energy cost directly related to mining per BTC self-mined. Where directly disclosed, we use the reported figure. Where not, we calculate as net mining electricity cost divided by self-mined BTC production.
Cash Cost per BTC
Direct cash cost per BTC mined, excluding miner depreciation. Where directly disclosed, we use the reported figure. Where not, we derive from verifiable mining cash costs, energy costs, hosting costs and other direct operating costs, stripping out depreciation, amortization, impairment, SBC, interest, taxes, and non-mining costs.
Data Sources & Priority
We prioritize original disclosures from companies and regulators. All data is sourced from company announcements, regulatory filings, or official investor materials. Third-party data is used only as a supplementary lead, never as a primary source, unless all primary sources are absent and the data is explicitly marked as low-quality reference.
P0
SEC / EDGAR or other regulatory filings
Includes 10-Q, 10-K, 20-F, 6-K, 8-K, Exhibit 99.1 / 99.2, etc.
Company IR press releases
Includes quarterly earnings releases, monthly production updates, operational updates, shareholder letters, etc.
Company website PDFs / PPTs / CDN files
Includes earnings presentations, investor presentations, annual reports, operating update decks, etc.
P1
Wire service press releases
Includes GlobeNewswire, Business Wire, PR Newswire, Accesswire, Newsfile, etc. These typically republish official company announcements and can supplement when company website sources are missing.
Official earnings transcripts
Includes transcripts and call recordings published on company websites or IR pages.
P2
Third-party transcripts, data sites, news reports
Used only as search leads or supplementary verification, never as primary data. Only usable as low-quality reference when all primary sources are absent, and must be clearly labeled on the page.
Reporting Period
All quarters use calendar quarter convention: Q1 is Jan 1 – Mar 31, Q2 is Apr 1 – Jun 30, Q3 is Jul 1 – Sep 30, Q4 is Oct 1 – Dec 31.
Corrections
If you spot an error, reach us at @hash_res. We correct errors as soon as possible.