Hashrate Index Roundup (July 21, 2025)

Hello world, happy Monday!

TLDR

A flatline for this week's update: Bitcoin is flat, hashrate is flat, difficulty is stable, fees are down; hashprice is flat.

Over the past week, miners collected a total of ~3,192 BTC in block rewards, equivalent to ~$378 million. Transaction fees constituted 1.02% of block rewards totalling 33 BTC, equivalent to ~$3.85 million.

Bitcoin

Bitcoin trended flat throughout the past week, decreasing by 0.16% from ~117,226 to a current price of ~$117,035. Year-to-date performance stands at +25.22%.

Hashprice

USD hashprice decreased by 1.96% from $60.23 per PH/s/Day to a current $59.05 per PH/s/Day.

BTC hashprice decreased by 0.22% from 0.00050247 BTC per PH/s/Day to 0.00050359 BTC per PH/s/Day.

Hashrate & Difficulty

Network hashrate rose by 0.99%, with the 7-day simple moving average (SMA) moving from 908EH/s to 917EH/s. The 30-day SMA currently stands at 889 EH/s.

The latest difficulty adjustment took place on July 12, increasing network difficulty by 7.96% to 126.27T.

Blocks were found at an average time of around 9 minutes 59 seconds over the past 24 hours.

We currently estimate an increase of ~0.05% for the upcoming adjustment, expected to occur on July 26.

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Transaction Fees

Over the past week, miners collected an average of 0.0313 BTC (per block per day) in transaction fees, compared to the prior week's 0.0321 BTC, a 3% decrease.

Looking Forward

For this week's Hashrate Forward Market update, the forward market is pricing in an average hashprice of $58.65 or 0.00049 BTC over the next six months.

Bitcoin Mining Equities

Bitcoin mining equities were up throughout the past week, reflecting a 6.53% increase in our HI Mining Stock Index.

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

• BTDR: $13.75 (+0.36%) | Mkt Cap: $2.71B
• BITF: $1.13 (+5.61%) | Mkt Cap: $0.64B
• CIFR: $6.25 (+4.87%) | Mkt Cap: $2.10B
• CLSK: $12.39 (-0.32%) | Mkt Cap: $3.48B
• CORZ: $13.27 (-5.01%) | Mkt Cap: $4.03B
• HIVE: $2.27 (+0.44%) | Mkt Cap: $0.50B
• HUT: $21.34 (-2.29%) | Mkt Cap: $2.23B
• IREN: $18.15 (+4.73%) | Mkt Cap: $4.07B
• MARA: $18.83 (-1.10%) | Mkt Cap: $6.63B
• RIOT: $14.02 (+14.92%) | Mkt Cap: $5.01B
• WULF: $4.99 (-0.99%) | Mkt Cap: $1.91B
• FUFU: $4.17 (+11.20%) | Mkt Cap: $0.68B
• CAN: $0.81 (-11.96%) | Mkt Cap: $0.34B
• GREE: $1.92 (+9.71%) | Mkt Cap: $0.03B
• SLNH: $0.61 (-45.54%) | Mkt Cap: $0.03B

Have a great week, and Happy Hashing!

Footnotes

1. As of July 21, 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.