Hashrate Index Roundup (June 30, 2025)

Your weekly mining metrics.

Kaan Farahani
Kaan Farahani

Hello world, happy Monday!

TLDR

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

Over the past week, miners collected a total of ~3,013 BTC in block rewards, equivalent to ~$323 million. Transaction fees constituted 1.11% of block rewards totalling 35 BTC, equivalent to ~$3.62 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 | June 30, 2025

Bitcoin

Bitcoin trended up throughout the past week, increasing by 2.04% from ~105,019 to a current price of ~$107,160. Year-to-date performance stands at +14.66%.

Table displaying Bitcoin price data in USD. Spot price is $103,393. CME futures show a contango: June at $103,895, July at $104,530, and August at $105,130.
Bitcoin Price and CME Futures | June 30, 2025

Hashprice

7-day line chart of Bitcoin hashprice in USD per PH/s/day from June 16 to June 23, 2025. The hashprice starts near $55, declines steadily to a low near $51.
Bitcoin Hashprice Index | 1-week view (June 23, 2025 - June 30, 2025)

USD hashprice increased by 9.61% from $53.08 per PH/s/Day to a current $58.18 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 (May 30, 2025 - June 30, 2025)

BTC hashprice increased by 7.87% from 0.00050338 BTC per PH/s/Day to 0.00054299 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 (May 30, 2025 - June 30, 2025)

Hashrate & Difficulty

Network hashrate rose by 3.92%, with the 7-day simple moving average (SMA) moving from 842EH/s to 875EH/s. The 30-day SMA currently stands at 887 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 (June 23, 2025 - June 30, 2025)

The latest difficulty adjustment took place yesterday on June 29, decreasing network difficulty by a whopping 7.48% to 116.96T.

Blocks were found at an average time of around 8 minutes 51 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 | June 30, 2025

We currently estimate* an increase of ~12.01% 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 (May 30, 2025 - June 30, 2025)

Over the past week, miners collected an average of 0.0351 BTC (per block per day) in transaction fees, compared to the prior week's 0.0392 BTC, a 10% decrease.

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 (May 30, 2025 - June 30, 2025)

Our transaction fee projection models remain bearish. For this week, the ARMA estimates 0.05 BTC per block per day and the VAR model projects 0.02 BTC per block per day.

Forecast models continue to project weak transaction fee activity. For this week, the ARMA model expects 0.05 BTC per block per day, while the VAR model estimates just 0.02 BTC—reflecting subdued fee market momentum and soft on-chain demand trends.
Bitcoin Transaction Fee Projections vs. Actuals | 1-month view

Looking Forward

For this week's Hashrate Forward Market update, the forward market is pricing in an average hashprice of $55.50 or 0.00051 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) | June 30, 2025

Bitcoin Mining Stocks

Bitcoin mining stock trends were up bigly throughout the past week, reflecting a 14.70% increase in our Bitcoin Mining Stock Index.

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

  • BTDR: $11.48 (+2.96%) | Mkt Cap: $2.26B
  • BITF: $0.83 (+5.06%) | Mkt Cap: $0.46B
  • CIFR: $4.78 (+30.96%) | Mkt Cap: $1.60B
  • CLSK: $11.00 (+21.55%) | Mkt Cap: $3.10B
  • CORZ: $17.04 (+48.17%) | Mkt Cap: $5.08B
  • HIVE: $1.80 (+2.86%) | Mkt Cap: $0.36B
  • HUT: $18.60 (+13.69%) | Mkt Cap: $1.94B
  • IREN: $14.56 (+31.53%) | Mkt Cap: $3.27B
  • MARA: $15.66 (+7.85%) | Mkt Cap: $5.52B
  • RIOT: $11.29 (+19.60%) | Mkt Cap: $4.04B
  • WULF: $4.37 (+19.40%) | Mkt Cap: $1.68B
  • FUFU: $3.21 (-0.62%) | Mkt Cap: $0.53B
  • CAN: $0.62 (+0.00%) | Mkt Cap: $0.26B
  • GREE: $1.30 (+7.44%) | Mkt Cap: $0.02B
  • SLNH: $0.57 (+3.64%) | Mkt Cap: $0.02B

Have a great week, and Happy Hashing!


Footnotes

  1. As of June 30, 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.
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Kaan Farahani Twitter

Research Associate at Luxor Technology