Hashrate Index Roundup (January 06, 2025)

Hello world, happy Monday!

TLDR

A mixed bag for this week's update. Hashprice is up, hashrate and difficulty continue to break new ground. Miners collected a total of ~3,297 BTC in block rewards, equivalent to ~$317 million. Transaction fees constituted 1.25% of block rewards totalling 41 BTC, equivalent to ~$4 million.

Bitcoin

Bitcoin trended up throughout the past week, increasing by 9.28% from ~$93,170 to a current price of ~$101,821. Year-to-date performance stands at 8.94%.

Hashprice

USD hashprice has been on an uptrend, increasing by 8.02% from $54.88 per PH/s/Day to a current $59.28 per PH/s/Day.

BTC hashprice was relatively more stable throughout the past week, slightly deviating by 0.21% from 0.00058152 BTC per PH/s/Day to a current 0.00058028 per PH/s/Day.

Hashrate & Difficulty

Global network hashrate had a healthy increase of 4.19%, with the 7-day simple moving average (SMA) moving from 788EH/s to 821EH/s. The 30-day SMA currently stands at 798 EH/s.

The latest difficulty adjustment took place on December 30, increasing network difficulty by 1.16% to a new all-time high of 109.78T. We estimate an increase of ~1.71% for the upcoming adjustment, expected to occur on January 12th.

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

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Transaction Fees

Over the past week, Bitcoin miners collected an average of 0.0400 BTC (per block, per day) in transaction fees compared to the prior week's 0.0502 BTC, a 20% decrease.

Our transaction fee projection models are leaning relatively bearish. For this week, our VAR model forecasts 0.06 BTC per block per day and the ARMA estimates 0.09 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 $56.90 (0.00054 BTC) over the next six months.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• Hive Digital Relocates Headquarters To Texas Amid Pro-Bitcoin Stance
• MARA says 16% of its BTC reserves has been loaned to third parties for 'modest' yield
• Phoenix Energizes 50MW Bitcoin Mine in North Dakota

Bitcoin Mining Stocks

Bitcoin mining stock trends were up throughout the past week, reflecting a 10.43% increase in our Bitcoin Mining Stock Index.

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

• BTDR: $26.10 (+13.97%) | Mkt Cap: $3.63B
• BITF: $1.72 (+7.50%) | Mkt Cap: $0.79B
• CIFR: $5.57 (+18.76%) | Mkt Cap: $1.94B
• CLSK: $q0.80 (+14.04%) | Mkt Cap: $3.16B
• CORZ: $15.38 (+11.53%) | Mkt Cap: $4.29B
• HIVE: $3.31 (+12.97%) | Mkt Cap: $0.47B
• HUT: $24.16 (+12.37%) | Mkt Cap: $2.26B
• IREN: $11.34 (+10.42%) | Mkt Cap: $2.43B
• MARA: $19.64 (+8.57%) | Mkt Cap: $6.67B
• RIOT: $10.99 (-3.51%) | Mkt Cap: $3.78B
• WULF: $6.22 (+14.97%) | Mkt Cap: $2.38B
• FUFU: $5.68 (+9.02%) | Mkt Cap: $0.93B
• CAN: $2.32 (+9.95%) | Mkt Cap: $0.70B

Have a great week, and Happy Hashing!

Footnotes

1. As at January 06, 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.