Hashrate Index Roundup (October 28, 2024)

Hello world, happy Monday!

Bitcoin trended flat throughout the past week, increasing by 0.84% from ~$68,890 to a current price of ~$69,450. A local trough of ~$67,000 was observed throughout mid-week and over the weekend, with a green start today. As Uptober 2024 comes to a close in the next few days, Year-to-date performance stands at +57.15% and 1-year performance at +103.75%.

Hashprice had a rollercoaster week with a slight downtrend overall, dipping by 2.59% from $47.56 per PH/s/Day to a current $46.33 per PH/s/Day. USD-denominated hashprice surged by 11% to a local peak of $50.89 per PH/s/Day throughout October 24 due to on-chain activity caused by Runes mints.

Beyond price action in Bitcoin and hashprice, global network hashrate had a modest decline with the 7-day simple moving average (SMA) decreasing by 1.91% from 733EH/s to 719EH/s throughout the week. The 30-day SMA currently stands at 693 EH/s.

Blocks were found at an average time of around 9 minutes 20 seconds throughout the week, a slight uptick in pace as compared to the week prior at 10 minutes 07 seconds. Network difficulty increased by 3.94% on 22nd October, we estimate another increase of ~6.75% for the upcoming adjustment expected to occur on November 4th.

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Luxor Hashrate Forwards Market Update

For this week's Hashrate Forwards market update, both USD and BTC contracts are trading in backwardation. Miners can lock in a ~$45.04 hashprice for up to six months into the future.

Bitcoin Mining Market Update

A slightly negative trend for this week's update. Hashprice and hashrate are down, network difficulty is expected to increase. Miners collected a total of ~3,504 BTC in block rewards, equivalent to ~$235.8 million. Transaction fees constituted 4.85% of block rewards totalling 159.09BTC, equivalent to ~$11.07 million.

Bitcoin Transaction Fee Update

Over the past week, Bitcoin miners collected an average of 0.1536 BTC per block per day in transaction fees compared to the prior week's 0.1959 BTC, a 21.58% decrease.

Our transaction fee projection models are becoming relatively more bullish as we expect moderate volatility in the more typical range of fees (i.e., above the summer's all time lows) to continue. For this week, our VAR model forecasts 0.26 BTC per block per day and the ARMA estimates 0.19 BTC per block per day.

For the past twenty two weeks, we've provided forecasts for Bitcoin transaction fees in our Weekly Roundup newsletter. With Q3 2024 now over, it’s time to look back and discuss important takeaways about fees going forward. Curious to know how our forecasts held up? Click here to find out.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• Compass Mining Expands Operations into Kentucky with New 10 Megawatt Partnership
• TSMC Cut Off Bitmain Co-Founder’s Chip Firm Amid U.S. Huawei Probe: Report
• Russia Launches BRICS Mining Infrastructure Project

Bitcoin Mining Stocks Update

Bitcoin mining stocks trended up throughout the past week, reflecting a 0.16% increase in our Bitcoin Mining Stock Index.

5-day changes to Bitcoin mining stocks as of last week's market close:

• RIOT: $10.02 (+11.05%) | Mkt Cap: $3.22B
• HUT: $15.51 (+14.85%) | Mkt Cap: $1.58B
• BITF: $1.97 (+1.40%) | Mkt Cap: $0.97B
• HIVE: $3.76 (+9.54%) | Mkt Cap: $0.48B
• MARA: $17.72 (+3.16%) | Mkt Cap: $5.56B
• CLSK: $11.96 (+1.44%) | Mkt Cap: $3.20B
• IREN: $9.70 (+14.32%) | Mkt Cap: $2.06B
• CORZ: $13.80 (+8.37%) | Mkt Cap: $3.63B
• WULF: $6.73 (+14.16%) | Mkt Cap: $2.70B
• CIFR: $5.64 (+6.74%) | Mkt Cap: $1.88B
• BTDR: $7.93 (+8.62%) | Mkt Cap: $1.24B
• FUFU: $4.84 (+7.30%) | Mkt Cap: $0.79B
• CAN: $0.99 (+5.04%) | Mkt Cap: $0.29B

Have a great week, and Happy Hashing!