Hashrate Index Roundup (May 12, 2025)

Hello world, happy Monday!

TLDR

A lot of green for this week's update: Bitcoin is up, hashrate & difficulty are stable, fees are up; hashprice is up.

Over the past week, miners collected a total of ~3,357 BTC in block rewards, equivalent to ~$337 million. Transaction fees constituted 1.14% of block rewards totalling 38 BTC, equivalent to ~$3.84 million.

Bitcoin

Bitcoin trended up throughout the past week, increasing by 6.26% from ~96,515 to a current price of ~$102,508. Year-to-date performance stands at +9.66%.

Hashprice

USD hashprice increased by 10.16% from $50.08 per PH/s/Day to a current $55.17 per PH/s/Day.

BTC hashprice increased by 1.65% from 0.00053232 BTC per PH/s/Day to a current 0.00054112 per PH/s/Day.

Hashrate & Difficulty

Network hashrate fell by 2.20%, with the 7-day simple moving average (SMA) moving from 910EH/s to 890EH/s. The 30-day SMA currently stands at 881 EH/s.

The latest difficulty adjustment took place on May 03, decreasing network difficulty by 3.34% to 119.12T.

Blocks were found at an average time of around 9 minutes 34 seconds over the past 24 hours.

We currently estimate an increase of ~4.50% for the upcoming adjustment, expected to occur on May 16.

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Transaction Fees

Over the past week, miners collected an average of 0.0455 BTC (per block, per day) in transaction fees compared to the prior week's 0.0345 BTC, a 32% increase.

Our transaction fee projection models remain bearish. For this week, the ARMA estimates 0.05 BTC per block per day and the VAR model forecasts 0.06 BTC per block per day.

A notable fee spike occurred earlier today, causing a spike in BTC hashprice. For operators online and hashing at the time, this was a welcome surprise.

Looking Forward

For this week's Hashrate Forward Market update, the forward market is pricing in an average hashprice of $52.07 or 0.00049 BTC over the next six months.

Bitcoin Mining Stocks

Bitcoin mining stock trends were up throughout the past week, reflecting a 10.38% increase in our Bitcoin Mining Stock Index.

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

• BTDR: $14.12 (+34.22%) | Mkt Cap: $2.90B
• BITF: $1.08 (+8.00%) | Mkt Cap: $0.57B
• CIFR: $2.98 (-2.61%) | Mkt Cap: $1.18B
• CLSK: $9.20 (+8.88%) | Mkt Cap: $2.70B
• CORZ: $9.32 (+8.12%) | Mkt Cap: $2.88B
• HIVE: $1.84 (+5.75%) | Mkt Cap: $0.31B
• HUT: $13.89 (+4.99%) | Mkt Cap: $1.60B
• IREN: $7.04 (+11.75%) | Mkt Cap: $1.69B
• MARA: $15.76 (+12.81%) | Mkt Cap: $5.75B
• RIOT: $8.48 (+4.05%) | Mkt Cap: $3.16B
• WULF: $3.01 (-2.27%) | Mkt Cap: $1.25B
• FUFU: $3.63 (+6.76%) | Mkt Cap: $0.59B
• CAN: $0.75 (+10.29%) | Mkt Cap: $0.37B
• GREE: $1.00 (-9.91%) | Mkt Cap: $0.02B
• SLNH: $0.89 (+12.66%) | Mkt Cap: $0.03B

Have a great week, and Happy Hashing!

Footnotes

1. As at May 12, 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.