Hashrate Index Roundup (December 16, 2024)

Hello world, happy Monday!

After breaking through the $100,000 price tag On December 04, Bitcoin continues to gain new ground.

Bitcoin

Bitcoin trended up throughout the past week, increasing by 6.59% from ~$99,450 to a current price of ~$106,000. A new all-time high of $107,750 was marked yesterday. Year-to-date performance stands at 139.80%.

Hashprice

Hashprice continues to remain healthy with a slight uptrend, rising by 3.98% from $60.58 per PH/s/Day to a current $62.99 per PH/s/Day.

Hashrate & Difficulty

Global network hashrate had a modest increase of 2.08%, with the 7-day simple moving average (SMA) moving from 769EH/s to 785EH/s. The 30-day SMA currently stands at 765 EH/s.

The latest difficulty adjustment took place earlier today, increasing network difficulty by 4.43% to a new all-time high of 108.52T. We estimate an increase of ~2.37% for the upcoming adjustment, expected to occur on December 29th.

Blocks were found at an average time of around 9 minutes 41 seconds throughout the week, maintaining pace as compared to the week prior at 9 minutes 37 seconds.

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Transaction Fees

Over the past week, Bitcoin miners collected an average of 0.0980 BTC (per block, per day) in transaction fees compared to the prior week's 0.1015 BTC, a 3.29% decrease.

Our transaction fee projection models remain relatively neutral. For this week, our VAR model forecasts 0.15 BTC per block per day and the ARMA estimates 0.14 BTC per block per day.

Wrapping Up

An upward trend for this week's update. Hashprice is healthy, hashrate remains strong, network difficulty continues to increase. Miners collected a total of ~3,472 BTC in block rewards, equivalent to ~$348.25 million. Transaction fees constituted 3.02% of block rewards totalling 118 BTC, equivalent to ~$12.50 million.

Looking Forward

For this week's Forwards Market update, both USD and BTC contracts are trading in backwardation. The hashrate forward market is pricing in an average hashprice of $62.96 (0.00057 BTC) over the next six months.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• Bitcoin Mining Powers Europe’s Energy Transition During Crisis
• Public mining companies poised for growing revenues as bitcoin tops $100,000
• US Bitcoin Miners' Hashrate Share Up To 29% Despite Declining Market Cap, Says JP Morgan

Bitcoin Mining Stocks

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: $22.20 (+20.73%) | Mkt Cap: $3.27B
• BITF: $1.97 (-1.82%) | Mkt Cap: $0.99B
• CIFR: $6.21 (+12.31%) | Mkt Cap: $2.56B
• CLSK: $12.34 (-9.68%) | Mkt Cap: $3.69B
• CORZ: $15.88 (+2.13%) | Mkt Cap: $4.62B
• HIVE: $3.95 (-2.95%) | Mkt Cap: $0.58B
• HUT: $28.41 (+9.16%) | Mkt Cap: $2.80B
• IREN: $13.34 (-1.12%) | Mkt Cap: $3.03B
• MARA: $23.48 (+1.57%) | Mkt Cap: $7.99B
• RIOT: $13.27 (+25.52%) | Mkt Cap: $4.80B
• WULF: $7.17 (+12.84%) | Mkt Cap: $3.16B
• FUFU: $5.60 (-1.40%) | Mkt Cap: $0.91B
• CAN: $2.96 (+7.34%) | Mkt Cap: $0.95B

Have a great week, and Happy Hashing!

Footnotes

1. As at December 16, 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.