Hashrate Index Roundup (November 17, 2025)

Hello world, happy Monday!

TLDR

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

Over the past week, miners collected a total of ~3,172 BTC in block rewards, equivalent to ~$313 million. Transaction fees constituted 0.69% of block rewards totalling 22 BTC, equivalent to ~$2.1 million.

Bitcoin

Bitcoin trended down significantly throughout the past week, decreasing by 12.8% from ~105,733 to a current price of ~$92,212. Year-to-date (YTD) performance stands at -1.3%.

Hashprice

USD hashprice followed, decreasing by 10.8% from $42.88 per PH/s/Day to a current $38.25 per PH/s/Day.

BTC hashprice rose, increasing by 2.6% from 0.00040660 BTC per PH/s/Day to 0.00041712 BTC per PH/s/Day.

Hashrate & Difficulty

Network hashrate increased by 6.7%, with the 7-day simple moving average (SMA) moving from 1,056 EH/s to 1,127 EH/s. The 30-day SMA currently stands at 1,107EH/s.

The latest difficulty adjustment took place on November 12, decreasing network difficulty by 2.37% to 152.27T.

Blocks were found at an average time of around 10 minutes 0 seconds over the past 24 hours.

We currently estimate* an increase of ~0.25% for the upcoming adjustment, expected to occur on November 26.

*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, miners collected an average of 0.0215 BTC (per block per day) in transaction fees, compared to the prior week's 0.0248 BTC, a ~13% decrease.

Looking Forward

For this week's Hashrate Forward Market update, the forward market is pricing in an average hashprice of $38.38 or 0.00039 BTC over the next six months.

Bitcoin Mining Stocks

Bitcoin mining stock trends were down bigly throughout the past week, reflecting a -28.0% change on our Bitcoin Mining Stock Index.

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

• BTDR: $10.52 (-54.2%) | Mkt Cap: $2.2B
• BITF: $2.58 (-34.2%) | Mkt Cap: $1.4B
• CIFR: $14.36 (-34.3%) | Mkt Cap: $5.7B
• CLSK: $10.96 (-33.4%) | Mkt Cap: $3.1B
• CORZ: $14.93 (-28.1%) | Mkt Cap: $4.6B
• HIVE: $3.31 (-34.3%) | Mkt Cap: $0.8B
• HUT: $36.94 (-21.3%) | Mkt Cap: $4.0B
• IREN: $46.37 (-29.6%) | Mkt Cap: $13.1B
• MARA: $11.99 (-27.6%) | Mkt Cap: $4.5B
• RIOT: $13.95 (-21.6%) | Mkt Cap: $5.2B
• WULF: $10.99 (-24.2%) | Mkt Cap: $4.6B
• FUFU: $3.18 (-2.2%) | Mkt Cap: $0.5B
• CAN: $0.89 (-29.9%) | Mkt Cap: $0.6B
• GREE: $1.31 (-32.1%) | Mkt Cap: $0.02B
• SLNH: $1.67 (-39.5%) | Mkt Cap: $0.2B

Have a great week, and Happy Hashing!

Footnotes

1. As of November 17, 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.