Hashrate Index Roundup (December 30, 2024)

Hello world, happy Monday!

TLDR

A mixed bag for this week's update. Hashprice is stable, hashrate remains strong, network difficulty continues to increase. Miners collected a total of ~3,217 BTC in block rewards, equivalent to ~$308.29 million. Transaction fees constituted 1.52% of block rewards totalling 55 BTC, equivalent to ~$5.28 million.

Bitcoin

Bitcoin trended down throughout the past week, decreasing by 2.14% from ~$94,287 to a current price of ~$92,267. Year-to-date performance stands at 108.73%.

Hashprice

USD hashprice has been on a steady trend, slightly deviating by 0.22% from $55.12 per PH/s/Day to a current $55.00 per PH/s/Day.

BTC hashprice was relatively more mobile throughout the past week, falling by 1.94% from 0.00059301 BTC per PH/s/Day to a current 0.00058149 per PH/s/Day.

Hashrate & Difficulty

Global network hashrate had a modest increase of 0.76%, with the 7-day simple moving average (SMA) moving from 788EH/s to 794EH/s. The 30-day SMA currently stands at 782 EH/s.

The latest difficulty adjustment took place earlier today, increasing network difficulty by 1.16% to a new all-time high of 109.78T. We estimate an increase of ~3.20% for the upcoming adjustment, expected to occur on January 12th.

Blocks were found at an average time of around 9 minutes 41 seconds over the past 24 hours.

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Transaction Fees

Over the past week, Bitcoin miners collected an average of 0.0505 BTC (per block, per day) in transaction fees compared to the prior week's 0.0712 BTC, a 45.47% decrease.

Our transaction fee projection models are leaning relatively bearish. For this week, our VAR model forecasts 0.05 BTC per block per day and the ARMA estimates 0.10 BTC per block per day.

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 $53.36 (0.00057 BTC) over the next six months.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• Russia bans crypto mining in several regions until 2031
• Ethiopia uses GERD, Africa’s largest dam for Bitcoin mining – Revenue hits 18%
• MicroStrategy’s Bitcoin Holdings Surpass the Entire Next Halving Epoch’s Mining Output

Bitcoin Mining Stocks

Bitcoin mining stock trends were down throughout the past week, reflecting a 13.70% increase in our Bitcoin Mining Stock Index.

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

• BTDR: $23.65 (+15.93%) | Mkt Cap: $3.29B
• BITF: $1.63 (-2.98%) | Mkt Cap: $0.74B
• CIFR: $4.86 (-14.89%) | Mkt Cap: $1.69B
• CLSK: $9.78 (-11.97%) | Mkt Cap: $2.86B
• CORZ: $14.05 (+0.79%) | Mkt Cap: $3.92B
• HIVE: $2.97 (-3.88%) | Mkt Cap: $0.42B
• HUT: $22.32 (-6.18%) | Mkt Cap: $2.09B
• IREN: $10.71 (-8.93%) | Mkt Cap: $2.30B
• MARA: $18.44 (-7.71%) | Mkt Cap: $6.62B
• RIOT: $10.99 (-3.51%) | Mkt Cap: $3.78B
• WULF: $5.53 (-15.18%) | Mkt Cap: $2.12B
• FUFU: $5.19 (+3.39%) | Mkt Cap: $0.85B
• CAN: $2.23 (-1.33%) | Mkt Cap: $0.67B

Have a great week, and Happy Hashing!

Footnotes

1. As at December 30, 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.