Hashrate Index Roundup (February 24, 2025)

Hello world, happy Monday!

TLDR

An uptrend for this week's update. Bitcoin is flat, hashrate is down, difficulty is lower, fees are up, hashprice is up. Over the past week, miners collected a total of ~2,952 BTC in block rewards, equivalent to ~$285 million. Transaction fees constituted 1.54% of block rewards totalling 45 BTC, equivalent to ~$4.38 million.

Bitcoin

Bitcoin trended flat throughout the past week, decreasing by 1.95% from ~$96,125 to a current price of ~$94,250. Year-to-date performance stands at 0.84%.

Hashprice

USD hashprice trended up with a few dips in between throughout the week, increasing by 3.74% from $53.50 per PH/s/Day to a current $55.50 per PH/s/Day.

BTC hashprice was up throughout the past week, increasing by 5.68% from 0.00055755 BTC per PH/s/Day to a current 0.00058924 per PH/s/Day.

Hashrate & Difficulty

Global network hashrate decreased by 8.57% over the week, with the 7-day simple moving average (SMA) moving from 828EH/s to 757EH/s. The 30-day SMA currently stands at 810 EH/s.

The latest difficulty adjustment took place yesterday, decreasing network difficulty by 3.15% to 110.57T. We estimate a decrease of ~9.90% for the upcoming adjustment, expected to occur on March 11th.

Blocks were found at an average time of around 11 minutes 05 seconds over the past 24 hours.

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Transaction Fees

Over the past week, Bitcoin miners collected an average of 0.0581 BTC (per block, per day) in transaction fees compared to the prior week's 0.0345 BTC, a 68% increase. The fee spike was primarily driven by BRC-20 $MASK inscriptions.

Our transaction fee projection models are up on the back of increased on-chain activity. For this week, the ARMA estimates 0.09 BTC per block per day and the VAR model forecasts 0.13 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 $54.15 (0.00056 BTC) over the next six months.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• HIVE Digital Technologies Welcomes Craig Tavares as President and Chief Operating Officer of Buzz HPC to Lead Growth in HPC and GPU Cloud Services
• Core Scientific Plans to Acquire Alabama Data Center for HPC Expansion
• Russian power company reports $14 million in damages from illegal crypto mining last year

Bitcoin Mining Stocks

Bitcoin mining stock trends were down throughout the past week, reflecting a 9.39% decrease in our Bitcoin Mining Stock Index.

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

• BTDR: $13.09 (-20.38%) | Mkt Cap: $2.52B
• BITF: $1.32 (-6.38%) | Mkt Cap: $0.60B
• CIFR: $5.49 (-9.85%) | Mkt Cap: $1.91B
• CLSK: $9.25 (-12.07%) | Mkt Cap: $2.60B
• CORZ: $10.80 (-14.49%) | Mkt Cap: $3.02B
• HIVE: $2.49 (-12.63%) | Mkt Cap: $0.37B
• HUT: $17.93 (-11.81%) | Mkt Cap: $1.78B
• IREN: $10.88 (-16.05%) | Mkt Cap: $2.33B
• MARA: $14.66 (-12.43%) | Mkt Cap: $4.98B
• RIOT: $10.46 (-13.91%) | Mkt Cap: $3.60B
• WULF: $4.08 (-15.70%) | Mkt Cap: $1.57B
• FUFU: $5.35 (+9.41%) | Mkt Cap: $0.87B
• CAN: $1.67 (-6.70%) | Mkt Cap: $0.50B

Have a great week, and Happy Hashing!

Footnotes

1. As at February 24, 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.