Hashrate Index Roundup (March 17, 2025)

Hello world, happy Monday!

TLDR

An uptrend for this week's update: Bitcoin is up, hashrate and difficulty are stable, fees are up, hashprice is up.

Over the past week, miners collected a total of ~3,234 BTC in block rewards, equivalent to ~$267 million. Transaction fees constituted 1.34% of block rewards totalling 37 BTC, equivalent to ~$3.02 million.

Bitcoin

Bitcoin trended up throughout the past week, increasing by 2.32% from ~$82,110 to a current price of ~$84,010. Year-to-date performance stands at -10.11%.

Hashprice

USD hashprice trended up, increasing by 6.93% from $44.75 per PH/s/Day to a current $47.85 per PH/s/Day.

BTC hashprice was essentially unchanged, decreasing by 0.04% from 0.00056673 BTC per PH/s/Day to a current 0.00056652 per PH/s/Day.

Hashrate & Difficulty

Global network hashrate ended up virtually unchanged, with the 7-day simple moving average (SMA) moving from 816EH/s to 841EH/s, before trailing back down. The 30-day SMA currently stands at 805 EH/s.

The latest difficulty adjustment took place on March 9, increasing network difficulty by 1.43% to 112.15T. We estimate an increase of ~1.34% for the upcoming adjustment, expected to occur on March 23.

Blocks were found at an average time of around 9 minutes 52 seconds over the past 24 hours.

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Transaction Fees

Over the past week, Bitcoin miners collected an average of 0.0359 BTC (per block, per day) in transaction fees compared to the prior week's 0.0338 BTC, a 6% increase.

Our transaction fee projection models remain relatively bearish, however show an ever so slight rebound, in anticipation of the incoming Taproot Wizards mint. For this week, the ARMA estimates 0.07 BTC per block per day and the VAR model forecasts 0.05 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 $48.73 (0.00058 BTC) over the next six months.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• Bitfarms Advances U.S. Strategy with Completion of Stronghold Digital Mining Acquisition
• Bitdeer Launches SEALMINER A2 Pro Bitcoin Mining Machines
• British Columbia Court Upholds Bitcoin Mining Power Limits

Bitcoin Mining Stocks

Bitcoin mining stock trends were down throughout the past week, reflecting a 6.55% decrease in our Bitcoin Mining Stock Index.

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

• BTDR: $10.35 (-1.33%) | Mkt Cap: $2.01B
• BITF: $1.11 (-5.13%) | Mkt Cap: $0.51B
• CIFR: $3.04 (-16.48%) | Mkt Cap: $1.09B
• CLSK: $7.97 (-6.78%) | Mkt Cap: $2.29B
• CORZ: $8.81 (+16.69%) | Mkt Cap: $2.46B
• HIVE: $1.74 (-8.90%) | Mkt Cap: $0.26B
• HUT: $12.62 (-0.86%) | Mkt Cap: $1.29B
• IREN: $7.21 (-0.83%) | Mkt Cap: $1.58B
• MARA: $13.18 (-13.69%) | Mkt Cap: $4.43B
• RIOT: $7.82 (-1.64%) | Mkt Cap: $2.70B
• WULF: $3.26 (-4.12%) | Mkt Cap: $1.27B
• FUFU: $4.43 (-2.85%) | Mkt Cap: $0.75B
• CAN: $1.11 (-7.50%) | Mkt Cap: $0.32B

Have a great week, and Happy Hashing!

Footnotes

1. As at March 17, 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.