Hashrate Index Roundup (December 23, 2024)

Hello world, happy Monday!

Bitcoin and the mining market seems to be normalizing relative to the past few weeks.

Bitcoin

Bitcoin trended down throughout the past week, decreasing by 10.64% from ~$104,572 to a current price of ~$93,450. Year-to-date performance stands at 112.19%.

Hashprice

Hashprice has been on a downtrend, falling by 12.74% from $63.27 per PH/s/Day to a current $55.21 per PH/s/Day.

Hashrate & Difficulty

Global network hashrate had a modest increase of 1.15%, with the 7-day simple moving average (SMA) moving from 786EH/s to 795EH/s. The 30-day SMA currently stands at 771 EH/s.

The latest difficulty adjustment took place earlier last week, increasing network difficulty by 4.43% to a new all-time high of 108.52T. We estimate an increase of ~0.93% for the upcoming adjustment, expected to occur on December 30th.

Blocks were found at an average time of around 9 minutes 54 seconds over the past 24 hours.

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Transaction Fees

Over the past week, Bitcoin miners collected an average of 0.0931 BTC (per block, per day) in transaction fees compared to the prior week's 0.0976 BTC, a 4.55% decrease.

Our transaction fee projection models are leaning relatively bearish. For this week, our VAR model forecasts 0.10 BTC per block per day and the ARMA estimates 0.14 BTC per block per day.

Wrapping Up

A mixed bag for this week's update. Hashprice is down, hashrate remains strong, network difficulty continues to increase. Miners collected a total of ~3,295 BTC in block rewards, equivalent to ~$329.19 million. Transaction fees constituted 2.42% of block rewards totalling 95 BTC, equivalent to ~$9.51 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 $55.63 (0.00057 BTC) over the next six months.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• TeraWulf to Deliver over 70 MW of Data Center Infrastructure for G42’s US Operations
• Chinese car company Cango emerges as third largest public miner 
• Halliburton Labs Welcomes Five New Companies to Accelerate the Future of Energy

Bitcoin Mining Stocks

Bitcoin mining stocks trended down throughout the past week, reflecting a 8.96% decrease in our Bitcoin Mining Stock Index.

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

• BTDR: $20.49 (-8.08%) | Mkt Cap: $2.85B
• BITF: $1.68 (-15.99%) | Mkt Cap: $0.76B
• CIFR: $5.71 (-7.73%) | Mkt Cap: $1.99B
• CLSK: $11.14 (-9.76%) | Mkt Cap: $3.26B
• CORZ: $14.13 (-11.02%) | Mkt Cap: $3.95B
• HIVE: $3.13 (-19.74%) | Mkt Cap: $0.43B
• HUT: $23.68 (-16.47%) | Mkt Cap: $2.21B
• IREN: $11.81 (-11.07%) | Mkt Cap: $2.53B
• MARA: $19.96 (-15.03%) | Mkt Cap: $6.42B
• RIOT: $11.55 (-13.26%) | Mkt Cap: $3.97B
• WULF: $6.61 (-7.94%) | Mkt Cap: $2.53B
• FUFU: $4.84 (-14.79%) | Mkt Cap: $0.79B
• CAN: $2.32 (-21.86%) | Mkt Cap: $0.70B

Have a great week, and Happy Hashing!

Footnotes

1. As at December 23, 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.