Hashrate Index Roundup (December 02, 2024)

Hello world, happy Monday!

Bitcoin trended slightly flat throughout the past week, decreasing by 2.25% from ~$97,800 to a current price of ~$95,600. Price action seems to have calmed down since last week, a local trough of $92,500 was marked on November 27th before a gradual climb back up. Bitcoin continues to flirt with the psychologically significant $100,000 mark. Year-to-date performance stands at 116.30%.

Hashprice continues to remain healthy with a slight uptrend, rising by 3.82% from $59.70 per PH/s/Day to a current $61.98 per PH/s/Day.

Beyond price action in Bitcoin and hashprice, global network hashrate had a modest decline of 2.49%, with the 7-day simple moving average (SMA) moving from 763EH/s down to 744EH/s. The 30-day SMA currently stands at 739 EH/s.

Blocks were found at an average time of around 9 minutes 50 seconds throughout the week, a slight slowdown in pace as compared to the week prior at 9 minutes 36 seconds. A 1.50% upward adjustment in difficulty took place earlier this morning. We estimate a decrease of ~3.49% for the upcoming adjustment, expected to occur on December 16th.

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Hashrate Forwards Market

For this week's Hashrate Forwards market update, both USD and BTC contracts are trading in backwardation. The hashrate forward market is pricing in an average hashprice of $57.77 (0.00053 BTC) over the next six months.

Hashprice

Hashprice Constituents

Bitcoin Price

Network Difficulty

Transaction Fees

Block Subsidy

Footnotes

1. As at December 02, 2024 UTC 14:00. 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.

Bitcoin Mining Market Update

An upward trend for this week's update. Hashprice is healthy, hashrate remains steady, network difficulty continues to increase. Miners collected a total of ~3,303 BTC in block rewards, equivalent to ~$315.24 million. Transaction fees constituted 2.96% of block rewards totalling 97 BTC, equivalent to ~$9.26 million.

Bitcoin Transaction Fee Update

Over the past week, Bitcoin miners collected an average of 0.1065 BTC (per block, per day) in transaction fees compared to the prior week's 0.1160 BTC, an 8.23% decrease.

Our transaction fee projection models have turned relatively bearish. For this week, our VAR model forecasts 0.09 BTC per block per day and the ARMA estimates 0.14 BTC per block per day.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• MARA proposes $700 million convertible senior note offering to buy more bitcoin
• Bitcoin Miners Spend $3.6B on Machines and Infrastructure
• Mining Boom: Bitcoin Miners Rake in Highest Revenue Since April

Bitcoin Mining Stocks Update

Bitcoin mining stocks trended flat throughout the past week, reflecting a 6.86% increase in our Bitcoin Mining Stock Index.

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

• BTDR: $14.27 (+31.52%) | Mkt Cap: $1.70B
• BITF: $2.15 (+5.39%) | Mkt Cap: $0.93B
• CIFR: $6.70 (+10.93%) | Mkt Cap: $1.96B
• CLSK: $14.35 (+9.49%) | Mkt Cap: $3.58B
• CORZ: $17.88 (+2.52%) | Mkt Cap: $4.78B
• HIVE: $4.08 (+3.29%) | Mkt Cap: $0.53B
• HUT: $28.02 (+21.51%) | Mkt Cap: $2.28B
• IREN: $13.51 (+39.57%) | Mkt Cap: $1.81B
• MARA: $26.03 (+31.46%) | Mkt Cap: $8.38B
• RIOT: $12.65 (+9.71%) | Mkt Cap: $4.11B
• WULF: $7.89 (+15.69%) | Mkt Cap: $2.79B
• FUFU: $5.46 (+6.85%) | Mkt Cap: $0.85B
• CAN: $2.12 (+17.78%) | Mkt Cap: $0.52B

Have a great week, and Happy Hashing!