Hashrate Index Roundup (March 13, 2023)

Happy Sunday, y'all!

The collapse of Silvergate and Silicon Valley Bank has injected fear into the US financial system about the solvency of other banks. In the wake of these failures, Federal regulators have shutdown Signature Bank, the last reliable financial ally for Bitcoin and crypto companies following the shuttering of Silvergate and SVB.

All of this, apparently, is good for Bitcoin – or at least good for it's price in the interim.

Bitcoin is up 17% in 24 hours to $24,000 at the time of writing. This has done wonders for hashprice of course, which was on the verge of breaking below $60/PH/day last week. Now, hashprice has surged to $71/PH/day.

With Bitcoin performing like a champ in the face of a banking crisis, the question becomes: Is Bitcoin's rally too good to be true, or is it a profound omen for things to come?

Bitcoin Mining News

• U.S. Treasury Department Proposes 30% Excise Tax on Crypto Mining Firms
• Core Scientific Shareholders to Get Official Voice in Bankruptcy Case
• ePIC Blockchain Introduces the ePIC BlockMiner Mining Rig Based on Intel ASIC Chips
• Bitcoin Miner Marathon Digital Terminates Credit Facility With Crypto Bank Silvergate

Mining Market TLDR (Change from Prior Week)

• Hashprice: $66.72/PH/day (+17.6%) | 0.00295648 BTC/PH/day (-0.34%)
• Hashrate: 323 EH/s (+2.12%)
• Difficulty: 43.55 T (1.16%)

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Hashprice Index (March 13, 2023)

Bitcoin's hashprice was pinched from both sides this week by Bitcoin's selloff and all-time high difficulty. Bitcoin's difficulty rose to 43.55 T on Friday, and Bitcoin's price was down 12% at the same time, driving hashprice to its lowest level since the turn of the New Year.

As Bitcoin's price recovers, hashprice is back above $70/PH/day.

It's becoming a theme this year that, just when we think hashprice will be driven further into the dirt, it's revived by a rise in Bitcoin's price or hashrate coming offline (or both).

Bitcoin Mining ASIC Price Index (March 13, 2023)

Values for new and mid-gen ASICs fell last week, the first time prices for both tiers have fallen simultaneously since the recovery in rig prices began in January. Prices are falling in response to the supply of hashrate that has come online this year and declining hashprice.

Bitcoin Mining Stocks (March 13, 2023)

With Bitcoin's own price tanking for much of the week, Public miner stocks were hit hard this week. Hashrate Index's Crypto Mining Stock Index fell 12.2% over the week, but stock prices are recovering as markets open this morning.

Week-over-week performance of popular Bitcoin mining stocks:

• RIOT $6.08 (-3.82%)
• HUT $1.51 (-5.03%)
• BITF $0.79 (-10.90%)
• HIVE $2.63 (-5.05%)
• MARA$6.28 (-0.24%)
• CLSK $2.25 (-9.30%)
• ARBK $1.50 (-9.09%)
• IREN $2.58 (-4.07%)

New From Hashrate Index

Bitcoin Mining Stocks: February 2023 Production Updates

Bitcoin’s hashrate keeps surging, as the bitcoin price’s 30% increase has pushed many marginal miners into positive cash flow territory. For the public miners, February was a relatively slow month for expansion, with most of these companies ending the month with similar hashrate capacities as they started with. Virtually all the public miners' hashrate growth in February came from only three companies: Marathon, Terawulf, and Cipher.

Ordinal Inscriptions Give $1.35M Nudge to BTC Transaction Fees in February

February was a breakout month for ordinal inscriptions. After minimal activity in January, over 200,000 inscriptions were inscribed in February, earning miners $1.35 million in transaction fees (and those are just the in-band fees we know about, but more on that later).

Have a great week, and Happy Hashing!