Hashrate Index Roundup (November 24, 2025)

Hello world, happy Monday!

TLDR

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

Over the past week, miners collected a total of ~3,172 BTC in block rewards, equivalent to ~$279 million. Transaction fees constituted 0.71% of block rewards totalling 22 BTC, equivalent to ~$1.9 million.

Bitcoin

Bitcoin trended down throughout the past week, decreasing by 2.1% from ~90,089 to a current price of ~$88,172. Year-to-date (YTD) performance stands at -5.7%.

Hashprice

USD hashprice decreased by 4.4% from $38.34 per PH/s/Day to a current $36.65 per PH/s/Day.

BTC hashprice decreased by 0.5% from 0.00041721 BTC per PH/s/Day to 0.00041523 BTC per PH/s/Day.

Bitcoin mining operations are currently earning the following compute revenues-per-watt:

• Under 19 J/TH fleets — $89 per MWh
• 19-25 J/TH — $69 per MWh
• 25-38 J/TH — $47 per MWh

Hashrate & Difficulty

Network hashrate decreased by 6.9%, with the 7-day simple moving average (SMA) moving from 1,124 EH/s to 1,047 EH/s. The 30-day SMA currently stands at 1,090EH/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 8 seconds over the past 24 hours.

We currently estimate a decrease of ~1.43% for the upcoming adjustment, expected to occur on November 26.

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Transaction Fees

Over the past week, miners collected an average of 0.0223 BTC (per block per day) in transaction fees, compared to the prior week's 0.0214 BTC, a ~4% increase.

Looking Forward

For this week's Hashrate Forward Market update, the forward market is pricing in an average hashprice of $36.00 or 0.00041 BTC over the next six months.

Bitcoin Mining Stocks

Bitcoin mining stock trends were mixed throughout the past week, reflecting a -8.3% change on our Bitcoin Mining Stock Index.

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

• BTDR: $10.29 (-0.4%) | Mkt Cap: $2.1B
• BITF: $2.43 (-3.6%) | Mkt Cap: $1.4B
• CIFR: $14.15 (+0.5%) | Mkt Cap: $6.4B
• CLSK: $9.73 (-9.2%) | Mkt Cap: $3.0B
• CORZ: $14.73 (+1.0%) | Mkt Cap: $4.8B
• HIVE: $2.89 (-12.4%) | Mkt Cap: $0.7B
• HUT: $34.34 (-4.3%) | Mkt Cap: $4.0B
• IREN: $42.26 (-8.3%) | Mkt Cap: $12.9B
• MARA: $10.07 (-16.2%) | Mkt Cap: $3.9B
• RIOT: $12.17 (-7.7%) | Mkt Cap: $5.0B
• WULF: $11.29 (+5.9%) | Mkt Cap: $5.1B
• FUFU: $2.81 (-10.5%) | Mkt Cap: $0.5B
• CAN: $0.91 (+0.0%) | Mkt Cap: $0.6B
• GREE: $1.36 (+7.1%) | Mkt Cap: $0.02B
• SLNH: $1.51 (-12.7%) | Mkt Cap: $0.1B

Have a great week, and Happy Hashing!

Footnotes

1. As of November 24, 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.