Hashrate Index Roundup (July 28, 2025)

Your weekly mining metrics.

Kaan Farahani

28 Jul 2025

Hello world, happy Monday!

TLDR

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

Over the past week, miners collected a total of ~3,277 BTC in block rewards, equivalent to ~$388 million. Transaction fees constituted 1.05% of block rewards totalling 36 BTC, equivalent to ~$4.30 million.

Despite a 1.05% drop in USD hashprice, network conditions improved this week. Hashrate rose 4.73% to a 7-day average of 930 EH/s, and miner rewards jumped 6.51% to 3,251 BTC amid rising fee income. Network difficulty eased slightly (−0.45%), while hardware pricing held steady with the S21XP at $25.70/TH. — Hashrate Index Weekly Mining Roundup | July 28, 2025

Bitcoin

Bitcoin trended flat throughout the past week, increasing by 0.73% from ~117,214 to a current price of ~$118,074. Year-to-date performance stands at +26.33%.

Hashprice

USD hashprice decreased by 0.78% from $58.84 per PH/s/Day to a current $58.38 per PH/s/Day.

able showing Bitcoin hashprice in USD per PH/s/day. Current spot hashprice is $51.76. The 24-hour previous value was $49.95, 7-day previous spot was $54.65, 7-day average is $52.26, and the 30-day average is $53.61. — USD Hashprice (USD per PH/s/day) | 1-month view (June 28, 2025 - July 28, 2025)

BTC hashprice decreased by 1.09% from 0.00050226 BTC per PH/s/Day to 0.00049680 BTC per PH/s/Day.

Table showing Bitcoin hashprice metrics in BTC/PH/s/day. The current spot hashprice is 0.000502 BTC. Compared to past values, the 24-hour change is +0.08%, 7-day spot change is +0.03%, and 7-day average hashprice is 0.000503 BTC. The 30-day average is higher at 0.000506 BTC, a decline versus current spot. — BTC Hashprice (BTC per PH/s/day) | 1-month view (June 28, 2025 - July 28, 2025)

Hashrate & Difficulty

Network hashrate rose by 3.06%, with the 7-day simple moving average (SMA) moving from 916EH/s to 944EH/s. The 30-day SMA currently stands at 917 EH/s.

7-day line chart of Bitcoin network hashrate from June 116 to June 23, 2025, showing a fall from ~929 EH/s to 844 EH/s. Data reflects 7-day simple moving average (SMA), visualized in yellow. — Bitcoin Network Hashrate (7-day SMA) | 1-week view (July 21, 2025 - July 28, 2025)

The latest difficulty adjustment took place on July 26, increasing network difficulty by 1.07% to 127.62T.

Blocks were found at an average time of around 9 minutes 46 seconds over the past 24 hours.

Table displaying Bitcoin network difficulty metrics. Current difficulty is 126.41T. The network is 65% through the current epoch with 1302 of 2,016 blocks mined. Average block time is 10 minutes 49 seconds. The next difficulty adjustment is estimated for June 29, 2025, with a projected decrease of -7.62%. — Bitcoin Network Metrics | July 28, 2025

We currently estimate* an increase of ~2.25% for the upcoming adjustment, expected to occur on July 11.

*This estimate should be taken with a grain of salt given that we are so early into a difficulty epoch. Early on, difficulty predictions are relatively shaky because of short-term variance. However, as time (or blocks) pass, the noise fades and the signal sharpens.

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Transaction Fees

Table comparing Bitcoin transaction fee averages over 7, 14, and 30 days. The 7-day average is 0.0386 BTC, the 14-day average is 0.0344 BTC (up 12.27%), and the 30-day average is 0.0337 BTC (up 14.54%). — Bitcoin Transaction Fee Averages | 1-month view (June 28, 2025 - July 28, 2025)

Over the past week, miners collected an average of 0.0349 BTC (per block per day) in transaction fees, compared to the prior week's 0.0313 BTC, an 11% increase.

Line chart showing average Bitcoin transaction fees per block per day from May 30 to June 30, 2025, with a steady decline and range between ~0.01 to 0.10 BTC. Fee levels remained low and stable throughout the month. — Average Bitcoin Transaction Fees per Block | 1-month view (June 28, 2025 - July 28, 2025)

Looking Forward

For this week's Hashrate Forward Market update, the forward market is pricing in an average hashprice of $57.98 or 0.00048 BTC over the next six months.

Luxor Hashrate Forward Curve chart comparing USD- and BTC-denominated forward prices per PH/s/day from July to December 2025. USD-denominated prices decline from $58 to $52, while BTC-denominated prices fall from 0.00054 to 0.00047 BTC, showing an 8–12% drop over the period. — Luxor Hashrate Forward Curve (July–December 2025) | July 28, 2025

Bitcoin Mining Stocks

Bitcoin mining stock trends were down throughout the past week, reflecting a 3.76% decrease in our Bitcoin Mining Stock Index.

Have a great week, and Happy Hashing!

Footnotes

As of July 28, 2025 UTC 21:00. Values are subject to change.
Luxor estimates the adjustment date using average block times and blocks remaining in the epoch. Values are subject to change.
Luxor estimates the difficulty adjustment using average block times. Values are subject to change.

Weekly Roundup Newsletter

Kaan Farahani Twitter

Research Associate at Luxor Technology

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