Hashrate Index Roundup (June 23, 2025)

Hello world, happy Monday!

TLDR

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

Over the past week, miners collected a total of ~2,941 BTC in block rewards, equivalent to ~$306 million. Transaction fees constituted 1.11% of block rewards totalling 35 BTC, equivalent to ~$3.62 million.

Bitcoin

Bitcoin trended down throughout the past week, decreasing by 3.40% from ~107,599 to a current price of ~$103,939. Year-to-date performance stands at +11.21%.

Hashprice

USD hashprice decreased by 5.18% from $54.59 per PH/s/Day to a current $51.76 per PH/s/Day.

BTC hashprice stayed flat around 0.00050220 BTC per PH/s/Day.

Hashrate & Difficulty

Network hashrate fell by 9.15%, with the 7-day simple moving average (SMA) moving from 929EH/s to 844EH/s. The 30-day SMA currently stands at 898 EH/s.

The latest difficulty adjustment took place on June 13, decreasing network difficulty by 0.45% to 126.41T.

Blocks were found at an average time of around 10 minutes 49 seconds over the past 24 hours.

We currently estimate a decrease of ~7.62% for the upcoming adjustment, expected to occur on June 29.

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Transaction Fees

Over the past week, miners collected an average of 0.0386 BTC (per block per day) in transaction fees, compared to the prior week's 0.0308 BTC, a 26% increase.

Our transaction fee projection models remain bearish. For this week, the ARMA estimates 0.06 BTC per block per day and the VAR model projects 0.03 BTC per block per day.

Looking Forward

For this week's Hashrate Forward Market update, the forward market is pricing in an average hashprice of $53.36 or 0.00050 BTC over the next six months.

Bitcoin Mining Stocks

Bitcoin mining stock trends were down throughout the past week, reflecting a 3.93% decrease in our Bitcoin Mining Stock Index.

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

• BTDR: $11.28 (-13.03%) | Mkt Cap: $2.22B
• BITF: $0.78 (-8.24%) | Mkt Cap: $0.43B
• CIFR: $3.79 (-1.04%) | Mkt Cap: $1.27B
• CLSK: $9.00 (-5.66%) | Mkt Cap: $2.53B
• CORZ: $11.86 (-2.23%) | Mkt Cap: $3.53B
• HIVE: $1.70 (-12.37%) | Mkt Cap: $0.34B
• HUT: $16.70 (-7.22%) | Mkt Cap: $1.74B
• IREN: $10.47 (+3.66%) | Mkt Cap: $2.35B
• MARA: $14.32 (-6.59%) | Mkt Cap: $5.04B
• RIOT: $9.56 (-3.14%) | Mkt Cap: $3.42B
• WULF: $3.74 (-9.66%) | Mkt Cap: $1.43B
• FUFU: $3.07 (+0.33%) | Mkt Cap: $0.50B
• CAN: $0.61 (-14.08%) | Mkt Cap: $0.26B
• GREE: $1.28 (-9.22%) | Mkt Cap: $0.02B
• SLNH: $0.56 (-9.68%) | Mkt Cap: $0.02B

Have a great week, and Happy Hashing!

Footnotes

1. As of June 23, 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.