Hashrate Index Roundup (December 29, 2025)

Hello world, happy Monday!

TLDR

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

Over the past week, miners collected a total of ~3,166 BTC in block rewards, equivalent to ~$278 million. Transaction fees constituted 0.52% of block rewards totalling 16 BTC, equivalent to ~$1.4 million.

Bitcoin

Bitcoin trended down throughout the past week, decreasing by 1.0% from ~$87,974 to a current price of ~$87,051. Year-to-date (YTD) performance stands at -6.9%.

Hashprice

USD hashprice decreased by 1.4% from $37.71 per PH/s/Day to a current $37.18 per PH/s/Day.

BTC hashprice remained flat, moving from 0.00042667 BTC per PH/s/Day to 0.00042649 BTC per PH/s/Day.

Based on fleetwide efficiency, bitcoin mining operations are currently earning the following SHA-256 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 4.0%, with the 7-day simple moving average (SMA) moving from 1,057 EH/s to 1,099 EH/s. The 30-day SMA currently stands at 1,070 EH/s.

The latest difficulty adjustment took place on December 24, changing network difficulty by +0.04% to 148.26T.

Blocks were found at an average time of around 9 minutes 50 seconds over the past 24 hours.

We currently estimate* an increase of ~1.64% for the upcoming adjustment, expected to occur on January 7.

*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 0.0161 BTC (per block per day) in transaction fees, compared to the prior week's 0.0182 BTC, an ~11% decrease.

Looking Forward

For this week's Hashrate Forward Market update, the forward market is pricing in an average hashprice of $36.19 or 0.00041 BTC over the next six months.

Bitcoin Mining Stocks

Bitcoin mining stock trends were down throughout the past week, reflecting a -6.8% change in our Bitcoin Mining Stock Index.

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

• BTDR: $10.74 (-5.3%) | Mkt Cap: $2.1B
• BITF: $2.48 (-9.2%) | Mkt Cap: $1.5B
• CIFR: $15.19 (-8.8%) | Mkt Cap: $6.0B
• CLSK: $10.91 (-12.9%) | Mkt Cap: $2.7B
• CORZ: $15.29 (-4.5%) | Mkt Cap: $4.7B
• HIVE: $2.72 (-8.1%) | Mkt Cap: $0.7B
• HUT: $49.64 (+8.2%) | Mkt Cap: $5.3B
• IREN: $40.30 (-4.2%) | Mkt Cap: $11.4B
• MARA: $9.59 (-7.9%) | Mkt Cap: $3.6B
• RIOT: $13.44 (-10.6%) | Mkt Cap: $4.9B
• WULF: $11.75 (-7.4%) | Mkt Cap: $4.8B
• FUFU: $2.50 (-5.3%) | Mkt Cap: $0.4B
• CAN: $0.76 (-10.6%) | Mkt Cap: $0.5B
• GREE: $1.54 (-9.9%) | Mkt Cap: $0.02B
• SLNH: $1.41 (-7.8%) | Mkt Cap: $0.2B

Have a great week, and Happy Hashing!

Footnotes

1. As of December 29, 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.