Hashrate Index Roundup (November 04, 2024)

Hello world, happy Monday!

Bitcoin trended flat throughout the past week, decreasing by 0.26% from ~$67,673 to a current price of ~$67,500. A local peak of ~$72,325 was observed on October 31, followed by a 6.87% dip over the weekend. Uptober 2024 was just 2% shy of marking a new all-time high, which currently stands at $73,770. However, with the U.S. presidential elections and a FED rate decision lined up for this week, the real question is: how will Bitcoin respond?

Hashprice had a second rollercoaster week with a slight downtrend overall, dipping by 2.78% from $46.32 per PH/s/Day to a current $45.03 per PH/s/Day. USD-denominated hashprice surged by 13% to a local peak of $55.53 per PH/s/Day on October 30 due to on-chain activity caused by Runes mints.

Beyond price action in Bitcoin and hashprice, global network hashrate had a modest incline overall, with the 7-day simple moving average (SMA) increasing by 1.11% from 721EH/s to 729EH/s throughout the week. The 30-day SMA currently stands at 712 EH/s.

Blocks were found at an average time of around 9 minutes 40 seconds throughout the week, a slight slowdown in pace as compared to the week prior at 9 minutes 20 seconds. We estimate an increase of ~6.32% for the upcoming adjustment, expected to occur within the next 24 hours.

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Luxor Hashrate Forwards Market Update

For this week's Hashrate Forwards market update, both USD and BTC contracts are trading in backwardation. Miners can lock in a ~$43.36 hashprice for up to six months into the future.

Interested in curated alpha for traders? Get the latest news and analysis on Bitcoin mining and hashprice trading in your inbox every other week. Click here to subscribe.

Bitcoin Mining Market Update

An upward trend for this week's update. Hashprice and hashrate are steady, network difficulty is at an all-time high and expected to increase. Miners collected a total of ~3,483 BTC in block rewards, equivalent to ~$245.5 million. Transaction fees constituted 3.34% of block rewards totalling 112.91 BTC, equivalent to ~$7.56 million.

Bitcoin Transaction Fee Update

Over the past week, Bitcoin miners collected an average of 0.1045 BTC per block per day in transaction fees compared to the prior week's 0.1374 BTC, a 23.96% decrease.

Our transaction fee projection models remain relatively steady in line with our expectations of the typical range of fees (i.e., above the summer's all time lows) and moderate volatility. For this week, our VAR model forecasts 0.08 BTC per block per day and the ARMA estimates 0.15 BTC per block per day.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• Bitcoin mining bans may lead to 'unintended consequences' for environment
• Russia's Sweeping Crypto Mining Regulations Take Effect, Setting Strict New Rules
• The US Election is Just Days Away: Which Party is Best for Bitcoin Mining Stocks?

Bitcoin Mining Stocks Update

Bitcoin mining stocks trended up throughout the past week, reflecting a 0.16% increase in our Bitcoin Mining Stock Index.

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

• BTDR: $7.83 (-1.01%) | Mkt Cap: $1.09B
• BITF: $1.86 (-5.60%) | Mkt Cap: $0.84B
• CIFR: $5.25 (-7.41%) | Mkt Cap: $1.73B
• CLSK: $10.32 (-13.60%) | Mkt Cap: $2.67B
• CORZ: $13.03 (-5.55%) | Mkt Cap: $3.36B
• HIVE: $4.96 (-5.25%) | Mkt Cap: $0.44B
• HUT: $16.02 (+3.29%) | Mkt Cap: $1.50B
• IREN: $9.05 (-6.70%) | Mkt Cap: $1.71B
• MARA: $16.11 (-9.24%) | Mkt Cap: $4.74B
• RIOT: $9.44 (-5.60%) | Mkt Cap: $2.87B
• WULF: $6.20 (-8.15%) | Mkt Cap: $2.37B
• FUFU: $4.84 (+0.00%) | Mkt Cap: $0.79B
• CAN: $1.25 (+26.25%) | Mkt Cap: $0.36B

Have a great week, and Happy Hashing!