Hashrate Index Roundup (May 05, 2025)

Hello world, happy Monday!

TLDR

A lot of green for this week's update: Bitcoin is flat, hashrate is up, difficulty is down, fees are down; hashprice is up.

Over the past week, miners collected a total of ~3,213 BTC in block rewards, equivalent to ~$306 million. Transaction fees constituted 1.18% of block rewards totalling 38 BTC, equivalent to ~$3.60 million.

Bitcoin

Bitcoin trended flat throughout the past week, oscillating around ~$94,695. Year-to-date performance stands at +1.26%.

Hashprice

USD hashprice increased by 2.88% from $49.23 per PH/s/Day to a current $50.65 per PH/s/Day.

BTC hashprice increased by 2.95% from 0.00051770 BTC per PH/s/Day to a current 0.00053298 per PH/s/Day.

Hashrate & Difficulty

Network hashrate rose by 9.60%, with the 7-day simple moving average (SMA) moving from 833EH/s to 913EH/s. The 30-day SMA currently stands at 879 EH/s.

The latest difficulty adjustment took place over the weekend on May 03, decreasing network difficulty by 3.34% to 119.12T.

Blocks were found at an average time of around 9 minutes 11 seconds over the past 24 hours.

We currently estimate* an increase of ~9.90% for the upcoming adjustment, expected to occur on May 16.

*This estimate should be taken with a grain of salt given that we are so early into a difficulty epoch. Early on, difficulty predictions are relatively shaky because of short-term variance. However, as time (or blocks) pass, the noise fades and the signal sharpens.

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Transaction Fees

Over the past week, miners collected an average of 0.0335 BTC (per block, per day) in transaction fees compared to the prior week's 0.0523 BTC, a 36% decrease.

Our transaction fee projection models remain bearish. For this week, the ARMA estimates 0.06 BTC per block per day and the VAR model forecasts 0.03 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 $47.98 or 0.00050 BTC over the next six months.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• CleanSpark Faces Local Pushback Over Proposed Bitcoin Mine in Tennessee

• Bit Digital Eyes $500M ATM as Bitcoin Mining Economics Tighten
• Tether May Invest $25M in Antalpha’s Bitcoin Mining IPO

Bitcoin Mining Stocks

Bitcoin mining stock trends were up throughout the past week, reflecting a 3.03% increase in our Bitcoin Mining Stock Index.

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

• BTDR: $10.97 (+4.28%) | Mkt Cap: $2.16B
• BITF: $1.02 (-2.86%) | Mkt Cap: $0.55B
• CIFR: $3.16 (+4.64%) | Mkt Cap: $1.17B
• CLSK: $8.81 (-2.87%) | Mkt Cap: $2.47B
• CORZ: $8.74 (+3.92%) | Mkt Cap: $2.58B
• HIVE: $1.79 (-1.65%) | Mkt Cap: $0.31B
• HUT: $13.80 (+0.66%) | Mkt Cap: $1.44B
• IREN: $6.53 (-0.46%) | Mkt Cap: $1.47B
• MARA: $14.48 (+0.56%) | Mkt Cap: $5.10B
• RIOT: $8.39 (+7.43%) | Mkt Cap: $2.94B
• WULF: $3.21 (+5.94%) | Mkt Cap: $1.23B
• FUFU: $3.49 (-10.28%) | Mkt Cap: $0.57B
• CAN: $0.69 (-17.86%) | Mkt Cap: $0.29B
• GREE: $1.10 (-20.86%) | Mkt Cap: $0.02B
• SLNH: $0.82 (-8.89%) | Mkt Cap: $0.03B

Have a great week, and Happy Hashing!

Footnotes

1. As at May 05, 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.