Bitcoin mining containers in the Southeastern US Kentucky
Bitcoin mining containers in the Southeastern US 

Hashrate Index Roundup (July 23, 2023)

With hashrate stuck in the mud, this Wednesday's difficulty adjustment should be negative.

Colin Harper
Colin Harper

Happy Sunday, y'all!

It was a flat week for hashprice and (almost) a flat week for Bitcoin's hashrate.

At $72/PH/day, hashprice is back to where it started at the beginning of the week despite Bitcoin declining 1.42% over the same period. Thankfully, transaction fees saw a bump this past week from renewed ordinal / inscription activity, and this is helping to keep hashprice above board as Bitcoin treads just below $30k.

Bitcoin USD hashprice week-over-week July 23, 2023
Bitcoin USD hashprice, week-over-week

Looking at hashrate, the network grew by barely a percentage point over the week. Month-over-month, Bitcoin's hashrate has only grown 3.3%, and its Q2-2023 growth was a modest 7.5%. Compare those figures to Bitcoin's year-to-date hashrate growth – a staggering 50% – and the summer seasonality affect on Bitcoin's hashrate is clear.

Bitcoin's 7-day average hashrate, 3 month view. Bitcoin's hashrate grew tremendously in the Winter and Spring of 2023, but summer heat has stanched growth in June and July
Bitcoin's 7-day average hashrate, 3 month view. Bitcoin's hashrate grew tremendously in the Winter and Spring of 2023, but summer heat has suffocated growth in June and July

With Bitcoin's hashrate growth slowing, miners will be please to hear that the next difficulty adjustment will almost certainly be negative (barring some act of God or Nature). The current difficulty epoch is 80% complete, and our estimate forecasts a -3.85% adjustment this coming Wednesday.

Any day that a miner hashes above $70/PH/day is a good day, and if Bitcoin's price stays afloat, then the upcoming difficulty adjustment will ensure miners can enjoy this level of revenue just a little while longer

Bitcoin Mining Market Update

This week, miners saw elevated transaction fees from a spurt of ordinal / inscription activity, which gave a boost to BTC and USD denominated hashprice at the end of the week. There were no noticeable changes to ASIC pricing last week.

Bitcoin Mining News

Here are last week's top headlines for Bitcoin mining news:

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Bitcoin Mining Stocks Update

Bitcoin mining stock prices are finally cooling off after back-to-back weeks of double digit growth for nearly every stock in our update. Our Crypto Mining Stock Index fell 7%.

Weekly changes to Bitcoin mining stocks:

  • RIOT: $18.38 (-4.17%)
  • HUT: $3.63 (-13.16%)
  • BITF: $1.74 (-12.12%)
  • HIVE: $5.32 (-11.89%)
  • MARA: $16.88 (-7.11%)
  • CLSK: $6.42 (-7.89%)
  • IREN: $6.76 (-5.32%)
  • WULF: $3.65 (+1.39%)
  • CIFR: $4.34 (-11.79%)
  • BTDR: $11.28 (-20%)
  • SDIG: $7.84 (+0.38%)

New From Hashrate Index

A Look Inside an Immersion and Hydro Cooled Bitcoin Mine

As the 2024 Bitcoin Halving approaches, immersion and hydro Bitcoin mining rigs are growing popular among miners, like MicroBT’s Whatsminer M56, M53 and M33 series.

Recently, the Luxor team had the pleasure of visiting one of MicroBT’s Bitcoin mines in Texas that was fully equipped with hydro and immersion Bitcoin mining rigs. These mines are featured in todays post to illustrate how these setups operate.

Have a great week, and Happy Hashing!

Hashrate Index Newsletter

Colin Harper Twitter

Head of Research and Content at Luxor Technology