Hashrate Index Roundup (March 24, 2025)

Hello world, happy Monday!

TLDR

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

Over the past week, miners collected a total of ~3,250 BTC in block rewards, equivalent to ~$237 million. Transaction fees constituted 1.75% of block rewards totalling 41 BTC, equivalent to ~$3.44 million.

Bitcoin

Bitcoin trended up throughout the past week, increasing by 5.03% from ~$83,150 to a current price of ~$87,475. Year-to-date performance stands at -6.56%.

Hashprice

USD hashprice trended up, increasing by 2.54% from $47.59 per PH/s/Day to a current $48.80 per PH/s/Day.

BTC hashprice slightly changed, decreasing by 1.19% from 0.00056656 BTC per PH/s/Day to a current 0.00055981 per PH/s/Day.

Hashrate & Difficulty

Global network hashrate increased, with the 7-day simple moving average (SMA) moving from 814EH/s to 837EH/s. The 30-day SMA currently stands at 815 EH/s.

The latest difficulty adjustment took place yesterday on March 23, increasing network difficulty by 1.43% to 113.76T.

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

We currently estimate an increase of ~8%* for the upcoming adjustment, expected to occur on April 5.

*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

Over the past week, Bitcoin miners collected an average of 0.0406 BTC (per block, per day) in transaction fees compared to the prior week's 0.0357 BTC, a 14% increase.

Our transaction fee projection models remains on par with last week, but perhaps relatively bearish in anticipation of an incoming Taproot Wizards mint. For this week, the ARMA estimates 0.06 BTC per block per day and the VAR model forecasts 0.06 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 $49.86 (0.00056 BTC) over the next six months.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• Tether Raises Bitdeer Stake to 21%: SEC Filing
• Riot Platforms Announces Entry into Non-Binding Term Sheet to Acquire Certain Assets of Rhodium and Settlement Agreement
• Nvidia shows off its latest data center GPU: The Blackwell Ultra

Bitcoin Mining Stocks

Bitcoin mining stock trends were mixed throughout the past week, reflecting a 7.04% increase in our Bitcoin Mining Stock Index.

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

• BTDR: $10.01 (-2.44%) | Mkt Cap: $1.93B
• BITF: $1.01 (-10.62%) | Mkt Cap: $0.47B
• CIFR: $2.92 (-2.99%) | Mkt Cap: $1.02B
• CLSK: $7.44 (-4.49%) | Mkt Cap: $2.09B
• CORZ: $8.51 (-1.73%) | Mkt Cap: $2.38B
• HIVE: $1.66 (-4.60%) | Mkt Cap: $0.24B
• HUT: $12.90 (+3.70%) | Mkt Cap: $1.28B
• IREN: $7.15 (-1.11%) | Mkt Cap: $1.53B
• MARA: $12.38 (-5.64%) | Mkt Cap: $4.20B
• RIOT: $7.95 (+3.38%) | Mkt Cap: $2.73B
• WULF: $3.20 (-0.93%) | Mkt Cap: $1.23B
• FUFU: $4.28 (-1.38%) | Mkt Cap: $0.70B
• CAN: $0.96 (-11.93%) | Mkt Cap: $0.29B
• GREE: $0.89 (+8.54%) | Mkt Cap: $0.01B
• SLNH: $0.95 (-3.06%) | Mkt Cap: $0.02B

Have a great week, and Happy Hashing!

Footnotes

1. As at March 24, 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.