Hashrate Index Roundup (January 13, 2025)

Hello world, happy Monday!

TLDR

A mixed bag for this week's update. Hashprice is down, hashrate and difficulty are slowing down. Miners collected a total of ~3,159 BTC in block rewards, equivalent to ~$302 million. Transaction fees constituted 1.26% of block rewards totalling 46 BTC, equivalent to ~$4.4 million.

Bitcoin

Bitcoin trended down throughout the past week, decreasing by 7.24% from ~$101,731 to a current price of ~$94,365. Year-to-date performance stands at 0.97%.

Hashprice

USD hashprice has been on a downtrend, decreasing by 10.12% from $59.27 per PH/s/Day to a current $53.28 per PH/s/Day.

BTC hashprice was relatively more stable throughout the past week, slightly deviating by 0.33% from 0.00058044 BTC per PH/s/Day to a current 0.00057852 per PH/s/Day.

Hashrate & Difficulty

Global network hashrate had a decrease of 5.47%, with the 7-day simple moving average (SMA) moving from 822EH/s to 777EH/s. We suspect this was largely driven by curtailment due to cold weather snaps in parts of the U.S. The 30-day SMA currently stands at 798 EH/s.

The latest difficulty adjustment took place on January 12, increasing network difficulty by 0.61% to a new all-time high of 110.45T. We estimate a decrease of ~6.68% for the upcoming adjustment, expected to occur on January 27th.

Blocks were found at an average time of around 10 minutes 43 seconds over the past 24 hours.

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Transaction Fees

Over the past week, Bitcoin miners collected an average of 0.0490 BTC (per block, per day) in transaction fees compared to the prior week's 0.0405 BTC, a 21% increase.

Our transaction fee projection models are leaning relatively bearish. For this week, the ARMA estimates 0.11 BTC per block per day and the VAR model forecasts 0.05 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 $52.13 (0.00055 BTC) over the next six months.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• Bitcoin Miner Hut 8 Gets Approval for AI Data Center in Louisiana
• Gryphon Acquires $19M Site, Signs New Bitcoin Miner Hosting Deals
• MARA Plans 60% Increase in Authorized Shares for Issuance

Bitcoin Mining Stocks

Bitcoin mining stock trends were up throughout the past week, reflecting a 9.41% decrease in our Bitcoin Mining Stock Index.

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

• BTDR: $18.50 (-29.39%) | Mkt Cap: $3.29B
• BITF: $1.61 (-9.04%) | Mkt Cap: $0.71B
• CIFR: $4.98 (-13.24%) | Mkt Cap: $1.67B
• CLSK: $10.09 (-8.77%) | Mkt Cap: $2.98B
• CORZ: $14.04 (-10.00%) | Mkt Cap: $3.80B
• HIVE: $3.04 (-11.63%) | Mkt Cap: $0.41B
• HUT: $23.40 (-4.80%) | Mkt Cap: $2.28B
• IREN: $11.00 (-6.14%) | Mkt Cap: $2.24B
• MARA: $17.86 (-10.70%) | Mkt Cap: $5.83B
• RIOT: $12.00 (-4.69%) | Mkt Cap: $4.05B
• WULF: $5.40 (-16.80%) | Mkt Cap: $1.99B
• FUFU: $5.21 (-11.39%) | Mkt Cap: $0.81B
• CAN: $1.94 (-19.83%) | Mkt Cap: $0.53B

Have a great week, and Happy Hashing!

Footnotes

1. As at January 13, 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.