Hashrate Index Roundup (April 28, 2025)

Hello world, happy Monday!

TLDR

A mix of green & red for this week's update: Bitcoin is up, hashrate is down, difficulty is stable, fees are up; hashprice is up.

Over the past week, miners collected a total of ~3,842 BTC in block rewards, equivalent to ~$351 million. Transaction fees constituted 2.02% of block rewards totalling 61 BTC, equivalent to ~$5.54 million.

Bitcoin

Bitcoin trended up throughout the past week, increasing by 7.73% from ~$88,108 to a current price of ~$94,920. Year-to-date performance stands at +1.56%.

Hashprice

USD hashprice increased by 8.21% from $45.19 per PH/s/Day to a current $48.90 per PH/s/Day.

BTC hashprice decreased by 0.06% from 0.00051804 BTC per PH/s/Day to a current 0.00051772 per PH/s/Day.

Hashrate & Difficulty

Network hashrate fell by 4.16%, with the 7-day simple moving average (SMA) moving from 866EH/s to 830EH/s. The 30-day SMA currently stands at 871 EH/s.

The latest difficulty adjustment took place on April 19, increasing network difficulty by 1.42% to a new all-time high of 123.23T.

Blocks were found at an average time of around 10 minutes 40 seconds over the past 24 hours.

We currently estimate a decrease of ~6.35% for the upcoming adjustment, expected to occur on May 4.

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Transaction Fees

Over the past week, miners collected an average of 0.0523 BTC (per block, per day) in transaction fees compared to the prior week's 0.0428 BTC, a 22% increase.

Our transaction fee projection models remain relatively bearish. For this week, the ARMA estimates 0.06 BTC per block per day and the VAR model forecasts 0.04 BTC per block per day.

Looking Forward

For this week's Hashrate Forward Market update, the forward market is pricing in an average hashprice of $50.69 or 0.00053 BTC over the next six months.

Bitcoin Mining Stocks

Bitcoin mining stock trends were up throughout the past week, reflecting a 20.03% increase in our Bitcoin Mining Stock Index.

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

• BTDR: $10.53 (+35.00%) | Mkt Cap: $2.07B
• BITF: $1.03 (+22.62%) | Mkt Cap: $0.56B
• CIFR: $3.08 (+29.96%) | Mkt Cap: $1.14B
• CLSK: $9.01 (+19.34%) | Mkt Cap: $2.54B
• CORZ: $8.31 (+26.29%) | Mkt Cap: $2.69B
• HIVE: $1.79 (+19.33%) | Mkt Cap: $0.30B
• HUT: $13.40 (+19.54%) | Mkt Cap: $1.42B
• IREN: $6.54 (+16.99%) | Mkt Cap: $1.48B
• MARA: $14.30 (+11.11%) | Mkt Cap: $5.00B
• RIOT: $7.77 (+19.72%) | Mkt Cap: $2.74B
• WULF: $3.00 (+27.12%) | Mkt Cap: $1.18B
• FUFU: $3.90 (-12.16%) | Mkt Cap: $0.63B
• CAN: $0.83 (+16.90%) | Mkt Cap: $0.35B
• GREE: $1.34 (+103.03%) | Mkt Cap: $0.02B
• SLNH: $0.91 (+35.82%) | Mkt Cap: $0.02B

Have a great week, and Happy Hashing!

Footnotes

1. As at April 28, 2025 UTC 21:00. Values are subject to change.
2. Luxor estimates the adjustment date using average block times and blocks remaining in the epoch. Values are subject to change.
3. Luxor estimates the difficulty adjustment using average block times. Values are subject to change.