Hashrate Index Roundup (March 31, 2025)

Hello world, happy Monday!

TLDR

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

Over the past week, miners collected a total of ~3,282 BTC in block rewards, equivalent to ~$281 million. Transaction fees constituted 1.45% of block rewards totalling 48 BTC, equivalent to ~$4.10 million.

Bitcoin

Bitcoin trended down throughout the past week, increasing by 4.79% from ~$86,496 to a current price of ~$82,333. Year-to-date performance stands at -11.88%.

Hashprice

USD hashprice trended down, decreasing by 6.47% from $49.34 per PH/s/Day to a current $46.15 per PH/s/Day.

BTC hashprice remained flat, decreasing by 0.23% from 0.00055968 BTC per PH/s/Day to a current 0.00055839 per PH/s/Day.

Hashrate & Difficulty

Global network hashrate stayed flat, with the 7-day simple moving average (SMA) moving from 836EH/s to 830EH/s. The 30-day SMA currently stands at 822 EH/s.

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

Blocks were found at an average time of around 9 minutes 40 seconds over the past 24 hours.

We currently estimate an increase of ~3.42% for the upcoming adjustment, expected to occur on April 5.

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Transaction Fees

Over the past week, Bitcoin miners collected an average of 0.0443 BTC (per block, per day) in transaction fees compared to the prior week's 0.0406 BTC, a 9% increase.

Our transaction fee projection models remain relatively bearish. For this week, the ARMA estimates 0.06 BTC per block per day and the VAR model forecasts 0.02 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 $46.07 (0.00054 BTC) over the next six months.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• Hut 8 and Eric Trump Launch American Bitcoin to Set a New Standard in Bitcoin Mining
• CoreWeave co-founder explains how a closet of crypto-mining GPUs led to a $1.5B IPO
• Bitcoin Miner MARA Starts Massive $2B Stock Sale Plan to Buy More BTC

Bitcoin Mining Stocks

Bitcoin mining stock trends were mixed throughout the past week, reflecting a 9.18% decrease in our Bitcoin Mining Stock Index.

Have a great week, and Happy Hashing!

Footnotes

1. As at March 31, 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.