Hashrate Index Roundup (February 23, 2026)

Hello world, happy Monday!

TLDR

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

Over the past week, miners collected a total of ~3,166 BTC in block rewards, equivalent to ~$213 million. Transaction fees constituted 0.50% of block rewards totalling 16 BTC, equivalent to ~$1.0 million.

Bitcoin

Bitcoin trended down throughout the past week, decreasing by 5.2% from ~$68,8442 to a current price of ~$64,912. Year-to-date (YTD) performance stands at -25.7%.

Hashprice

USD hashprice moved -17.8% from $34.35 per PH/s/Day to a current $28.25 per PH/s/Day.

BTC hashprice moved -12.7% from 0.00050148 BTC per PH/s/Day to 0.00043773 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 — $70 per MWh
• 19-25 J/TH — $54 per MWh
• 25-38 J/TH — $37 per MWh

Hashrate & Difficulty

Network hashrate fell by 3.2%, with the 7-day simple moving average (SMA) moving from 1,057 EH/s to 1,023 EH/s. The 30-day SMA currently stands at 985 EH/s.

The latest difficulty adjustment took place on February 19, changing network difficulty by +14.73% to 144.40T.

Block times have averaged around 10 minutes 2 seconds over the past 24 hours.

We currently estimate* -1.18% for the upcoming adjustment, expected to occur on March 5.

*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 0.0157 BTC (+5%) per block per day in transaction fees, compared to the prior week's 0.0150 BTC.

Looking Forward

For this week's Hashrate Forward Market update, the forward market is pricing in an average hashprice of $27.50 or 0.00042 BTC over the next six months.

Bitcoin Mining Stocks

Bitcoin mining stock trends were mixed throughout the past week, reflecting a -4.8% change in our Bitcoin Mining Stock Index.

Have a great week, and Happy Hashing!

Footnotes

1. As of February 23, 2026 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.