Hashrate Index Roundup (December 22, 2025)

Hello world, happy Monday!

TLDR

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

Over the past week, miners collected a total of ~3,168 BTC in block rewards, equivalent to ~$277 million. Transaction fees constituted 0.59% of block rewards totalling 18 BTC, equivalent to ~$1.6 million.

Bitcoin

Bitcoin trended down throughout the past week, decreasing by 1.5% from ~$89,680 to a current price of ~$88,311. Year-to-date (YTD) performance stands at -5.5%.

Hashprice

USD hashprice increased by 2.4% from $36.66 per PH/s/Day to a current $37.55 per PH/s/Day.

BTC hashprice decreased by 0.1% from 0.00042697 BTC per PH/s/Day to 0.00042661 BTC per PH/s/Day.

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

• Under 19 J/TH fleets — $93 per MWh
• 19-25 J/TH — $72 per MWh
• 25-38 J/TH — $49 per MWh

Hashrate & Difficulty

Network hashrate increased by 0.8%, with the 7-day simple moving average (SMA) moving from 1,049 EH/s to 1,057 EH/s. The 30-day SMA currently stands at 1,066 EH/s.

The latest difficulty adjustment took place on December 10, decreasing network difficulty by 0.74% to 148.20T.

Blocks were found at an average time of around 10 minutes 7 seconds over the past 24 hours.

We currently estimate a decrease of ~1.34% for the upcoming adjustment, expected to occur on December 25.

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At $37 per PH/s/Day, hashprice is close to – or at – breakeven for many miners depending on operating cost and machine model type. Improve the hashrate and efficiency of your S19 and S21 series rigs by downloading LuxOS firmware today!

Transaction Fees

Over the past week, miners collected an average of 0.0183 BTC (per block per day) in transaction fees, compared to the prior week's 0.0182 BTC, a ~1% increase.

Looking Forward

For this week's Hashrate Forward Market update, the forward market is pricing in an average hashprice of $37.67 or 0.00042 BTC over the next six months.

Bitcoin Mining Stocks

Bitcoin mining stock trends were mixed throughout the past week, reflecting a +1.4% change on our Bitcoin Mining Stock Index.

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

• BTDR: $11.01 (+2.9%) | Mkt Cap: $2.1B
• BITF: $2.53 (-7.0%) | Mkt Cap: $1.6B
• CIFR: $16.21 (-5.0%) | Mkt Cap: $6.5B
• CLSK: $12.03 (-12.3%) | Mkt Cap: $3.1B
• CORZ: $15.60 (-5.5%) | Mkt Cap: $4.9B
• HIVE: $2.83 (-7.8%) | Mkt Cap: $0.7B
• HUT: $44.12 (+7.7%) | Mkt Cap: $5.5B
• IREN: $39.92 (-1.0%) | Mkt Cap: $12.1B
• MARA: $10.18 (-11.3%) | Mkt Cap: $3.8B
• RIOT: $14.50 (-5.2%) | Mkt Cap: $5.4B
• WULF: $12.52 (-11.0%) | Mkt Cap: $5.2B
• FUFU: $2.61 (-6.1%) | Mkt Cap: $0.4B
• CAN: $0.82 (-1.2%) | Mkt Cap: $0.6B
• GREE: $1.69 (-7.1%) | Mkt Cap: $0.03B
• SLNH: $1.49 (-22.4%) | Mkt Cap: $0.2B

Have a great week, and Happy Hashing!

Footnotes

1. As of December 22, 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.