Hashrate Index Roundup (November 25, 2024)

Hello world, happy Monday!

Bitcoin trended up throughout the past week, increasing by over 5% from ~$90,450 to a current price of ~$95,100. A new all-time high of around $99,750 was marked on November 22nd. Bitcoin has been flirting with the psychologically significant $100,000 mark for some time now, however has not yet broken the barrier. The question is: what happens when it does?

Hashprice followed with a big uptrend, rising by 18.91% from $50.25 per PH/s/Day to a current $59.75 per PH/s/Day.

Beyond price action in Bitcoin and hashprice, global network hashrate had a modest increase, with the 7-day simple moving average (SMA) moving from 734EH/s down to 764EH/s. The 30-day SMA currently stands at 745 EH/s.

Blocks were found at an average time of around 9 minutes 36 seconds throughout the week, a slight speed up in pace as compared to the week prior at 9 minutes 57 seconds. We estimate an increase of ~3.94% for the upcoming adjustment, expected to occur on December 2nd.

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Hashrate Forwards Market

For this week's Hashrate Forwards market update, both USD and BTC contracts are trading in backwardation. The hashrate forward market is pricing in an average hashprice of $57.17 over the next 6 months.

Hashprice

Hashprice Constituents

Bitcoin Price

Network Difficulty

Transaction Fees

Block Subsidy

Footnotes

1. As at November 25, 2024 UTC 14:00. 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.

Bitcoin Mining Market Update

An upward trend for this week's update. Hashprice is up bigly, hashrate is healthy, network difficulty is at an all-time high. Miners collected a total of ~3,369 BTC in block rewards, equivalent to ~$321.79 million. Transaction fees constituted 3.72% of block rewards totalling 119.21 BTC, equivalent to ~$11.31 million.

Bitcoin Transaction Fee Update

Over the past week, Bitcoin miners collected an average of 0.1161 BTC per block per day in transaction fees compared to the prior week's 0.1524 BTC, a 23.79% decrease.

Our transaction fee projection models remain relatively bullish and 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 0.31 BTC per block per day and the ARMA estimates 0.16 BTC per block per day.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• BitMine Leverages Luxor’s Deliverable Forward Contract to Purchase New Machines and Hedge Hashprice
• ERCOT Bitcoin Mines Required to Report Power Demand to Texas State
• Bitdeer Announces Pricing of US$360.0 Million Convertible Senior Notes Offering

Bitcoin Mining Stocks Update

Bitcoin mining stocks trended flat throughout the past week, reflecting a 1.67% increase in our Bitcoin Mining Stock Index.

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

• BTDR: $11.54 (+7.75%) | Mkt Cap: $1.61B
• BITF: $2.11 (-4.95%) | Mkt Cap: $0.96B
• CIFR: $6.78 (+3.99%) | Mkt Cap: $2.36B
• CLSK: $15.10 (+10.70%) | Mkt Cap: $3.90B
• CORZ: $18.23 (+15.31%) | Mkt Cap: $5.09B
• HIVE: $4.09 (-8.30%) | Mkt Cap: $0.52B
• HUT: $25.92 (+2.94%) | Mkt Cap: $2.42B
• IREN: $10.78 (+2.18%) | Mkt Cap: $2.04B
• MARA: $26.03 (+31.46%) | Mkt Cap: $8.38B
• RIOT: $12.31 (+0.49%) | Mkt Cap: $4.09B
• WULF: $7.45 (+4.34%) | Mkt Cap: $2.85B
• FUFU: $5.36 (-4.11%) | Mkt Cap: $0.87B
• CAN: $1.97 (+25.48%) | Mkt Cap: $0.56B

Have a great week, and Happy Hashing!