Hashrate Index Roundup (March 03, 2025)

Hello world, happy Monday!

TLDR

A downtrend for this week's update. Bitcoin is down, hashrate is up, difficulty is stable, fees are down, hashprice is down. Over the past week, miners collected a total of ~3,218 BTC in block rewards, equivalent to ~$281 million. Transaction fees constituted 1.93% of block rewards totalling 62 BTC, equivalent to ~$5.45 million.

Bitcoin

Bitcoin trended down throughout the past week, decreasing by 9.40% from ~$95,250 to a current price of ~$86,350. Year-to-date performance stands at -7.64%.

Hashprice

USD hashprice trended down, decreasing by 11.14% from $55.59 per PH/s/Day to a current $49.40 per PH/s/Day.

BTC hashprice was down throughout the past week, decreasing by 2.22% from 0.00058921 BTC per PH/s/Day to a current 0.00057612 per PH/s/Day.

Hashrate & Difficulty

Global network hashrate increased by 7.00% over the week, with the 7-day simple moving average (SMA) moving from 757EH/s to 810EH/s. The 30-day SMA currently stands at 812 EH/s.

The latest difficulty adjustment took place on February 23, decreasing network difficulty by 3.15% to 110.57T. We estimate an increase of ~0.59% for the upcoming adjustment, expected to occur on March 9th.

Blocks were found at an average time of around 9 minutes 56 seconds over the past 24 hours.

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Transaction Fees

Over the past week, Bitcoin miners collected an average of 0.0527 BTC (per block, per day) in transaction fees compared to the prior week's 0.0573 BTC, a 8% decrease.

Our transaction fee projection models are back normalizing down from the increased on-chain activity last week. For this week, the ARMA estimates 0.09 BTC per block per day and the VAR model forecasts 0.04 BTC per block per day.

Looking Forward

For this week's Forwards Market update, both USD and BTC contracts are trading in backwardation. The hashrate forward market is pricing in an average hashprice of $52.54 (0.00056 BTC) over the next six months.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• Hut 8 Reports Fourth Quarter and Full Year 2024 Results
• Trump announces strategic crypto reserve including bitcoin, Solana, XRP and more
• Tether fails to halt dispute in UK court with former bitcoin mining partner

Bitcoin Mining Stocks

Bitcoin mining stock trends were down throughout the past week, reflecting a 15.59% decrease in our Bitcoin Mining Stock Index.

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

• BTDR: $12.31 (-5.96%) | Mkt Cap: $2.37B
• BITF: $1.16 (-12.12%) | Mkt Cap: $0.54B
• CIFR: $4.08 (-27.27%) | Mkt Cap: $1.42B
• CLSK: $7.99 (-13.53%) | Mkt Cap: $2.24B
• CORZ: $11.16 (+3.05%) | Mkt Cap: $3.12B
• HIVE: $2.07 (-17.20%) | Mkt Cap: $0.31B
• HUT: $14.75 (-17.74%) | Mkt Cap: $1.47B
• IREN: $8.24 (-24.89%) | Mkt Cap: $1.77B
• MARA: $13.92 (-4.66%) | Mkt Cap: $4.72B
• RIOT: $9.28 (-12.45%) | Mkt Cap: $3.19B
• WULF: $4.19 (+2.20%) | Mkt Cap: $1.62B
• FUFU: $5.00 (-6.02%) | Mkt Cap: $0.81B
• CAN: $1.31 (-21.08%) | Mkt Cap: $0.40B

Have a great week, and Happy Hashing!

Footnotes

1. As at March 03, 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.