Hashrate Index Roundup (April 7, 2025)

Hello world, happy Monday!

TLDR

A mixed bag for this week's update: Bitcoin is down, hashrate and difficulty are up, fees are down; hashprice is down.

Over the past week, miners collected a total of ~3,890 BTC in block rewards, equivalent to ~$321 million. Transaction fees constituted 1.12% of block rewards totalling 37 BTC, equivalent to ~$3.04 million.

Bitcoin

Bitcoin trended down throughout the past week, decreasing by 3.89% from ~$82,964 to a current price of ~$79,901. Year-to-date performance stands at -14.69%.

Hashprice

USD hashprice trended down, decreasing by 10.28% from $46.12 per PH/s/Day to a current $41.38 per PH/s/Day.

BTC hashprice trended down, decreasing by 6.02% from 0.00055838 BTC per PH/s/Day to a current 0.00052478 per PH/s/Day.

Hashrate & Difficulty

Global network hashrate increased by 9.64%, with the 7-day simple moving average (SMA) moving from 830EH/s to 910EH/s. The 30-day SMA currently stands at 847 EH/s.

The latest difficulty adjustment took place over the weekend on April 5, increasing network difficulty by 6.81% to 121.521T.

Blocks were found at an average time of around 10 minutes 13 seconds over the past 24 hours.

We currently estimate a decrease of ~1.35%* for the upcoming adjustment, expected to occur on April 19.

*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, Bitcoin miners collected an average of 0.0331 BTC (per block, per day) in transaction fees compared to the prior week's 0.0443 BTC, a 25% decrease.

Our transaction fee projection models remain relatively bearish. For this week, the ARMA estimates 0.03 BTC per block per day and the VAR model forecasts 0.07 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 $41.25 or 0.00052 BTC over the next six months.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• Fact Sheet: President Donald J. Trump Declares National Emergency to Increase our Competitive Edge, Protect our Sovereignty, and Strengthen our National and Economic Security
• Tariffs Disrupt Bitcoin Mining Supply Chain Rooted in Asia
• Hut 8 and Eric Trump Launch American Bitcoin to Set a New Standard in Bitcoin Mining

Bitcoin Mining Stocks

Bitcoin mining stock trends were down throughout the past week, reflecting a 3.38% decrease in our Bitcoin Mining Stock Index.

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

• BTDR: $8.03 (-8.75%) | Mkt Cap: $1.40B
• BITF: $0.77 (-3.75%) | Mkt Cap: $0.34B
• CIFR: $2.10 (-7.49%) | Mkt Cap: $0.68B
• CLSK: $7.32 (+6.40%) | Mkt Cap: $1.84B
• CORZ: $7.18 (-0.42%) | Mkt Cap: $2.00B
• HIVE: $1.40 (-4.11%) | Mkt Cap: $0.22B
• HUT: $11.39 (-7.40%) | Mkt Cap: $1.09B
• IREN: $5.94 (+2.41%) | Mkt Cap: $1.20B
• MARA: $11.30 (-5.44%) | Mkt Cap: $3.60B
• RIOT: $7.14 (+0.28%) | Mkt Cap: $2.32B
• WULF: $2.60 (+0.39%) | Mkt Cap: $0.92B
• FUFU: $4.21 (-6.65%) | Mkt Cap: $0.61B
• CAN: $0.76 (-14.61%) | Mkt Cap: $0.27B
• GREE: $0.68 (-17.07%) | Mkt Cap: $0.01B
• SLNH: $0.41 (-53.41%) | Mkt Cap: $0.02B

Have a great week, and Happy Hashing!

Footnotes

1. As at April 7, 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.