Hashrate Index Roundup (January 27, 2025)

Hello world, happy Monday!

TLDR

An uptrend for this week's update. Hashprice and difficulty are slightly down, hashrate is steady. Miners collected a total of ~3,103 BTC in block rewards, equivalent to ~$323 million. Transaction fees constituted 1.72% of block rewards totalling 53 BTC, equivalent to ~$5.05 million.

Bitcoin

Bitcoin trended flat throughout the past week, decreasing by 0.97% from ~$102,195 to a current price of ~$101,202. Year-to-date performance stands at 8.28%.

Hashprice

USD hashprice has been on a slight downtrend, decreasing by 2.91% from $60.53 per PH/s/Day to a current $58.79 per PH/s/Day.

BTC hashprice was relatively more stable throughout the past week, slightly increasing by 1.00% from 0.00058266 BTC per PH/s/Day to a current 0.00058846 per PH/s/Day.

Hashrate & Difficulty

Global network hashrate remained essentially unchanged, with the 7-day simple moving average (SMA) moving from 778EH/s to 777EH/s. The 30-day SMA currently stands at 791 EH/s.

The latest difficulty adjustment took place this morning, decreasing network difficulty by 2.12% to 108.11T. We estimate an increase of ~1.07% for the upcoming adjustment, expected to occur on February 9th.

Blocks were found at an average time of around 9 minutes 53 seconds over the past 24 hours.

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Transaction Fees

Over the past week, Bitcoin miners collected an average of 0.0481 BTC (per block, per day) in transaction fees compared to the prior week's 0.0551 BTC, a 13% decrease.

Our transaction fee projection models continue to lean relatively bearish. For this week, the ARMA estimates 0.11 BTC per block per day and the VAR model forecasts 0.12 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 $58.84 (0.00056 BTC) over the next six months.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• DeepSeek Sends Shockwaves Through Nvidia and Crypto Miner Stocks
• Argo Relocates 5,293 Bitcoin Miners to Merkle’s Tennessee Site
• Petrobras Explores Bitcoin Mining in New Project

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: $20.66 (-4.04%) | Mkt Cap: $3.98B
• BITF: $1.63 (-6.32%) | Mkt Cap: $0.73B
• CIFR: $5.90 (+8.26%) | Mkt Cap: $2.05B
• CLSK: $11.53 (-4.24%) | Mkt Cap: $3.24B
• CORZ: $15.98 (+4.17%) | Mkt Cap: $4.46B
• HIVE: $3.09 (-5.79%) | Mkt Cap: $0.45B
• HUT: $26.04 (-4.75%) | Mkt Cap: $2.59B
• IREN: $13.32 (+18.72%) | Mkt Cap: $2.86B
• MARA: $19.99 (-1.28%) | Mkt Cap: $6.78B
• RIOT: $13.54 (-3.08%) | Mkt Cap: $4.66B
• WULF: $6.32 (-2.02%) | Mkt Cap: $2.44B
• FUFU: $5.38 (+3.46%) | Mkt Cap: $0.88B
• CAN: $2.09 (-12.18%) | Mkt Cap: $0.63B

Have a great week, and Happy Hashing!

Footnotes

1. As at January 27, 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.