Hashrate Index Roundup (February 3, 2025)

Hello world, happy Monday!

TLDR

An uptrend for this week's update. Hashprice and difficulty are steady, hashrate is up. Miners collected a total of ~3,422 BTC in block rewards, equivalent to ~$348 million. Transaction fees constituted 1.02% of block rewards totalling 35 BTC, equivalent to ~$3.55 million.

Bitcoin

Bitcoin trended flat throughout the past week, increasing by 1.32% from ~$100,414 to a current price of ~$101,745. Year-to-date performance stands at 8.86%.

Hashprice

USD hashprice took a slight dip and recovered throughout the week, increasing by 0.71% from $59.44 per PH/s/Day to a current $59.86 per PH/s/Day.

BTC hashprice was relatively more stable throughout the past week, slightly decreasing by 0.06% from 0.00058867 BTC per PH/s/Day to a current 0.00058834 per PH/s/Day.

Hashrate & Difficulty

Global network hashrate increased by 8.37% over the week, with the 7-day simple moving average (SMA) moving from 777EH/s to 842EH/s. The 30-day SMA currently stands at 796 EH/s.

The latest difficulty adjustment took place on January 26, decreasing network difficulty by 2.12% to 108.11T. We estimate an increase of ~7.05% for the upcoming adjustment, expected to occur on February 9th.

Blocks were found at an average time of around 9 minutes 16 seconds over the past 24 hours.

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Transaction Fees

Over the past week, Bitcoin miners collected an average of 0.0325 BTC (per block, per day) in transaction fees compared to the prior week's 0.0481 BTC, a 32% decrease.

Our transaction fee projection models continue to lean relatively bearish. For this week, the ARMA estimates 0.08 BTC per block per day and the VAR model forecasts 0.03 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 $55.25 (0.00054 BTC) over the next six months.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• Stronghold Fined for Breaching Power Market Rules to Mine Bitcoin
• SoftBank Invests $50 Million in Cipher Mining to Boost HPC Expansion
• Bitfarms Enters into a Binding LOI with HIVE Digital Technologies for the Sale of its Yguazu, Paraguay Site

Bitcoin Mining Stocks

Bitcoin mining stock trends were down throughout the past week, reflecting a 13.41% crease in our Bitcoin Mining Stock Index.

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

• BTDR: $18.52 (-3.34%) | Mkt Cap: $3.57B
• BITF: $1.45 (-7.64%) | Mkt Cap: $0.66B
• CIFR: $5.73 (+5.52%) | Mkt Cap: $1.99B
• CLSK: $10.44 (-3.87%) | Mkt Cap: $2.93B
• CORZ: $12.27 (-6.97%) | Mkt Cap: $3.43B
• HIVE: $2.93 (-1.01%) | Mkt Cap: $0.43B
• HUT: $21.69 (-9.21%) | Mkt Cap: $2.16B
• IREN: $10.22 (-12.20%) | Mkt Cap: $2.19B
• MARA: $18.34 (-2.65%) | Mkt Cap: $6.22B
• RIOT: $11.88 (-5.64%) | Mkt Cap: $4.09B
• WULF: $4.77 (-13.11%) | Mkt Cap: $1.84B
• FUFU: $5.09 (-2.12%) | Mkt Cap: $0.83B
• CAN: $2.07 (+5.61%) | Mkt Cap: $0.63B

Have a great week, and Happy Hashing!

Footnotes

1. As at February 3, 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.