Hashrate Index Roundup (December 09, 2024)

Hello world, happy Monday!

Bitcoin trended up throughout the past week, increasing by 0.11% from ~$96,740 to a current price of ~$96,850. On December 04, Bitcoin broke through the psychologically significant $100,000 price tag, marking a new all-time high of $103,750. This momentous milestone represents the beginning of a new era as Bitcoin shifts toward becoming a widely understood phenomenon. To our OG HODL'ers - we salute you. To our newcomers, welcome to the beautiful game.

Price action has calmed down since, re-tracing back down by just over 7%. Year-to-date performance stands at 120.47%.

Hashprice continues to remain healthy with a slight downtrend, falling by 2.18% from $61.80 per PH/s/Day to a current $60.45 per PH/s/Day.

Beyond price action in Bitcoin and hashprice, global network hashrate had a modest increase of 3.09%, with the 7-day simple moving average (SMA) moving from 744EH/s to 767EH/s. The 30-day SMA currently stands at 750 EH/s.

Blocks were found at an average time of around 9 minutes 37 seconds throughout the week, a slight speed up in pace as compared to the week prior at 9 minutes 50 seconds. We estimate an increase of ~3.85% for the upcoming adjustment, expected to occur on December 15th.

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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 $58.73 (0.00053 BTC) over the next six months.

Hashprice

Hashprice Constituents

Bitcoin Price

Network Difficulty

Transaction Fees

Block Subsidy

Footnotes

1. As at December 09, 2024 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.

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 ~3,265 BTC in block rewards, equivalent to ~$320.99 million. Transaction fees constituted 3.10% of block rewards totalling 105 BTC, equivalent to ~$10.33 million.

Bitcoin Transaction Fee Update

Over the past week, Bitcoin miners collected an average of 0.1015 BTC (per block, per day) in transaction fees compared to the prior week's 0.1060 BTC, a 4.19% decrease.

Our transaction fee projection models remain relatively neutral. For this week, our VAR model forecasts 0.08 BTC per block per day and the ARMA estimates 0.16 BTC per block per day. We are watching out for a potential moderate spike in fees throughout the week, based on a range of incoming meta-protocol events.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• Mining Boom: Bitcoin Miners Rake in Highest Revenue Since April
• WhatsMiner M6XS++ Targets 15.5 J/TH Efficiency
• Miner Weekly: $5 Billion of Debt for Bitcoin Miners

Bitcoin Mining Stocks Update

Bitcoin mining stocks trended up throughout the past week, reflecting a 7.43% increase in our Bitcoin Mining Stock Index.

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

• BTDR: $21.01 (+42.83%) | Mkt Cap: $3.06B
• BITF: $2.29 (+7.45%) | Mkt Cap: $1.03B
• CIFR: $7.11 (+6.44%) | Mkt Cap: $2.36B
• CLSK: $14.97 (+0.60%) | Mkt Cap: $4.21B
• CORZ: $16.99 (+0.18%) | Mkt Cap: $4.62B
• HIVE: $4.35 (+8.75%) | Mkt Cap: $0.58B
• HUT: $30.49 (+22.40%) | Mkt Cap: $2.78B
• IREN: $15.37 (+25.74%) | Mkt Cap: $3.21B
• MARA: $25.52 (+5.92%) | Mkt Cap: $8.27B
• RIOT: $12.04 (-0.86%) | Mkt Cap: $3.82B
• WULF: $8.01 (+12.89%) | Mkt Cap: $2.93B
• FUFU: $5.92 (+13.38%) | Mkt Cap: $0.91B
• CAN: $2.96 (+48.00%) | Mkt Cap: $0.86B

Have a great week, and Happy Hashing!