Hashrate Index Roundup (November 11, 2024)

Hello world, happy Monday!

Bitcoin trended up throughout the past week, increasing by a whopping 28% from ~$69,125 to a current price of ~$88,375. A rocket fuel rally kicked off this morning with a 10% gain throughout the day, marking a new all-time high. The cause of this sudden surge remains an open question - the recent U.S. presidential election and the FED's second rate cut decision of the year are likely contributing factors, alongside demand & supply factors driven by the confluence of institutional adoption and 2024's halving. But who really knows? The real question is: what happens next?

Hashprice mirrored Bitcoin's rally with a significant uptrend overall, rising by 23% from $44.99 per PH/s/Day to a current $55.27 per PH/s/Day.

Beyond price action in Bitcoin and hashprice, global network hashrate had an ever so slight incline, with the 7-day simple moving average (SMA) increasing by 0.82% from 729EH/s to 735EH/s throughout the week. The 30-day SMA currently stands at 736 EH/s, up by 5.75%.

Blocks were found at an average time of around 10 minutes 01 seconds throughout the week, a slight slowdown in pace as compared to the week prior at 9 minutes 40 seconds. We estimate a decrease of ~0.14% for the upcoming adjustment, expected to occur on November 18th.

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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 ~$52.23 hashprice for up to six months into the future.

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Bitcoin Mining Market Update

An upward trend for this week's update. Hashprice is on a roll, hashrate is steady, network difficulty is at an all-time high. Miners collected a total of ~3,272 BTC in block rewards, equivalent to ~$244.4 million. Transaction fees constituted 3.42% of block rewards totalling 66.35 BTC, equivalent to ~$5.83 million.

Bitcoin Transaction Fee Update

Over the past week, Bitcoin miners collected an average of 0.0669 BTC per block per day in transaction fees compared to the prior week's 0.1044 BTC, a 35.95% 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 0.13 BTC per block per day and the ARMA estimates 0.11 BTC per block per day.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• Jack Dorsey's Square to Invest More in Bitcoin Mining and Shut Decentralized 'Web5' Venture
• Trump Wins, Bitcoin Surged: What's Next?
• Telekom and Bankhaus Metzler Test Bitcoin Mining Infrastructure for Surplus Energy

Bitcoin Mining Stocks Update

Bitcoin mining stocks trended up throughout the past week, reflecting a 21.80% increase in our Bitcoin Mining Stock Index.

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

• BTDR: $8.96 (+17.12%) | Mkt Cap: $1.25B
• BITF: $2.24 (+24.44%) | Mkt Cap: $1.02B
• CIFR: $7.16 (+40.12%) | Mkt Cap: $2.49B
• CLSK: $13.57 (+35.01%) | Mkt Cap: $3.50B
• CORZ: $16.96 (+32.40%) | Mkt Cap: $4.38B
• HIVE: $4.65 (+32.86%) | Mkt Cap: $0.57B
• HUT: $19.58 (+25.87%) | Mkt Cap: $1.83B
• IREN: $10.99 (+24.74%) | Mkt Cap: $2.08B
• MARA: $19.25 (+21.45%) | Mkt Cap: $5.67B
• RIOT: $12.81 (+39.69%) | Mkt Cap: $3.89B
• WULF: $8.25 (+35.91%) | Mkt Cap: $3.16B
• FUFU: $4.68 (-2.70%) | Mkt Cap: $0.76B
• CAN: $1.26 (+3.28%) | Mkt Cap: $0.36B

In celebration of Uptober 2024, we've partnered with Canaan to give away a single Avalon Nano 3 and kickstart your home mining journey.

Click here to participate.

Have a great week, and Happy Hashing!