Hashrate Index Roundup (December 1, 2025)

Hello world, happy Monday!

TLDR

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

Over the past week, miners collected a total of ~3,170 BTC in block rewards, equivalent to ~$283 million. Transaction fees constituted 0.63% of block rewards totalling 20 BTC, equivalent to ~$1.8 million.

Bitcoin

Bitcoin trended down throughout the past week, decreasing by 2.4% from ~$86,719 to a current price of ~$84,647. Year-to-date (YTD) performance stands at -9.4%.

Hashprice

USD hashprice was flat, increasing by 0.2% from $35.87 per PH/s/Day to a current $35.93 per PH/s/Day.

BTC hashprice increased by 2.1% from 0.00041504 BTC per PH/s/Day to 0.00042392 BTC per PH/s/Day.

Based on efficiency, bitcoin mining operations are currently earning the following compute revenues-per-watt:

• Under 19 J/TH fleets — $90 per MWh
• 19-25 J/TH — $69 per MWh
• 25-38 J/TH — $48 per MWh

Hashrate & Difficulty

Network hashrate increased by 5.3%, with the 7-day simple moving average (SMA) moving from 1,046 EH/s to 1,101 EH/s. The 30-day SMA currently stands at 1,088 EH/s.

The latest difficulty adjustment took place on November 26, decreasing network difficulty by 1.95% to 149.30T.

Blocks were found at an average time of around 9 minutes 42 seconds over the past 24 hours.

We currently estimate* an increase of ~2.96% for the upcoming adjustment, expected to occur on December 10.

*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 0.0197 BTC (per block per day) in transaction fees, compared to the prior week's 0.0222 BTC, a ~12% decrease.

Looking Forward

For this week's Hashrate Forward Market update, the forward market is pricing in an average hashprice of $34.11 or 0.00040 BTC over the next six months.

Bitcoin Mining Stocks

Bitcoin mining stock trends were mixed throughout the past week, reflecting a +20.9% change on our Bitcoin Mining Stock Index.

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

• BTDR: $13.41 (+28.3%) | Mkt Cap: $2.3B
• BITF: $3.48 (+42.0%) | Mkt Cap: $1.8B
• CIFR: $20.35 (+35.8%) | Mkt Cap: $7.8B
• CLSK: $15.10 (+47.7%) | Mkt Cap: $3.7B
• CORZ: $16.89 (+14.4%) | Mkt Cap: $5.1B
• HIVE: $3.36 (+12.8%) | Mkt Cap: $0.7B
• HUT: $45.00 (+28.9%) | Mkt Cap: $4.6B
• IREN: $47.81 (+11.2%) | Mkt Cap: $13.2B
• MARA: $11.81 (+13.8%) | Mkt Cap: $4.1B
• RIOT: $16.13 (+23.5%) | Mkt Cap: $5.6B
• WULF: $15.51 (33.6%) | Mkt Cap: $6.3B
• FUFU: $2.97 (+5.7%) | Mkt Cap: $0.5B
• CAN: $1.01 (+11.0%) | Mkt Cap: $0.6B
• GREE: $1.56 (+14.7%) | Mkt Cap: $0.02B
• SLNH: $1.71 (+9.6%) | Mkt Cap: $0.1B

Have a great week, and Happy Hashing!

Footnotes

1. As of December 1, 2025 UTC 16:00. 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.