Hashrate Index Roundup (January 20, 2025)

Hello world, happy Monday!

TLDR

An uptrend for this week's update. Hashprice is up, hashrate and difficulty are slowing down due to weather conditions in mining hotspots in the US. Miners collected a total of ~3,110 BTC in block rewards, equivalent to ~$311 million. Transaction fees constituted 1.63% of block rewards totalling 51 BTC, equivalent to ~$5.1 million.

Bitcoin

Bitcoin trended up throughout the past week, increasing by 9.71% from ~$94,559 to a current price of ~$103,736. Year-to-date performance stands at 10.93%.

Hashprice

USD hashprice has been on an uptrend, increasing by 12.25% from $53.80 per PH/s/Day to a current $60.39 per PH/s/Day.

BTC hashprice was relatively more stable throughout the past week, slightly increasing by 0.65% from 0.00057877 BTC per PH/s/Day to a current 0.00058252 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 ~1.43% for the upcoming adjustment, expected to occur on January 26th.

Blocks were found at an average time of around 10 minutes 08 seconds over the past 24 hours.

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Transaction Fees

Over the past week, Bitcoin miners collected an average of 0.0547 BTC (per block, per day) in transaction fees compared to the prior week's 0.0486 BTC, a 13% increase.

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 $60.67 (0.00055 BTC) over the next six months.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• Bitmain Sells Hosted Bitcoin Hashrate to Clear S19XP Stock
• Tether files lawsuit against Swan Bitcoin over joint venture dispute
• Biden signs executive order to ensure power for AI data centers

Bitcoin Mining Stocks

Bitcoin mining stock trends were up throughout the past week, reflecting a 10.58% increase in our Bitcoin Mining Stock Index.

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

• BTDR: $20.90 (+20.60%) | Mkt Cap: $4.35B
• BITF: $1.68 (+9.80%) | Mkt Cap: $0.77B
• CIFR: $5.43 (+15.29%) | Mkt Cap: $1.89B
• CLSK: $11.87 (+24.82%) | Mkt Cap: $3.44B
• CORZ: $15.00 (+11.03%) | Mkt Cap: $4.19B
• HIVE: $3.20 (+9.97%) | Mkt Cap: $0.47B
• HUT: $26.92 (+21.32%) | Mkt Cap: $2.68B
• IREN: $11.99 (+16.18%) | Mkt Cap: $2.57B
• MARA: $19.91 (+17.32%) | Mkt Cap: $7.02B
• RIOT: $13.39 (+18.08%) | Mkt Cap: $4.70B
• WULF: $6.40 (+24.27%) | Mkt Cap: $2.54B
• FUFU: $5.17 (+0.39%) | Mkt Cap: $0.88B
• CAN: $2.01 (+12.29%) | Mkt Cap: $0.61B

Have a great week, and Happy Hashing!

Footnotes

1. As at January 20, 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.