Bitcoin price and Bitcoin difficulty, 3-month view (August 27 - November 26, 2023)
Bitcoin price and Bitcoin difficulty, 3-month view (August 27 - November 26, 2023)

Hashrate Index Roundup November 26, 2023

Another week, another round of all-time highs.

Colin Harper
Colin Harper

Hashprice was riding high for most of November, but now it's on a comedown.

Fees are decreasing as ordinal activity dies down, and Bitcoin's difficulty hit an all-time high over night, rising 5.07% to 67.96 T. As a result of this one-two punch, hashprice is down to $75/PH/day, a significant decrease from last week's average of $85/PH/day and last week's peak of $91/PH/day. Adding to the pressure, Bitcoin's price is down an oh-so-slight 1.29% over the last 24 hours.

Bitcoin's USD hashprice (November 13 - 19, 2023) | Source: Hashrate Index
Bitcoin's USD hashprice (November 19 - 25, 2023) | Source: Hashrate Index

Difficulty was the only thing that hit an all-time high this week. As miners ramp up their fleets to prepare for the halving, Bitcoin's total network hashrate topped 500 EH/s this past week on the 7-day average and hit an all-time high of 507 EH/s; on the 30-day average, Bitcoin's hashrate hit an all-time high of 476 EH/s today.

As hashrate revs up and hashprice reverts back to late-October levels, miners are once again facing the harsh realities of compressed margins. Bitcoin's difficulty has seen 6 successive positive difficulty adjustments, and it's up 18.6% so far in Q4.

Bitcoin's price rise and November's frothy ordinal activity have kept hashprice elevated despite this significant rise in difficulty, but miners can't bet on sustained revenue from ordinals, and it's impossible to guess how long this Bitcoin rally will last. And if neither hold, miners could very well be facing sub-$70/PH/day hashprice soon enough.

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Bitcoin Mining Market Update

Transaction fees are falling as the most recent BRC-20 spurt quiets down. In the ASIC miner market, we're beginning to see a clear divergence in market appetite for next-gen rigs compared to new and mid-gen rigs, as next-gen equipment rose substantially over the week and new and mid-gen rigs fell.

Bitcoin hashrate, hashprice, difficulty, mining rewards, ASIC prices, and transaction fees | November 19, 2023 | Source: Hashrate Index, Coin Metrics
Bitcoin hashrate, hashprice, difficulty, mining rewards, ASIC prices, and transaction fees | November 26, 2023 | Source: Hashrate Index, Coin Metrics

Bitcoin Mining News

Here are last week's top headlines for Bitcoin mining news:

Bitcoin Mining Stocks Update

Bitcoin mining stocks once again had mixed returns last week, although the majority of stocks had a positive week. Our Crypto Mining Stock Index increased 6.5%, with a handful of stocks driving the majority of returns.

Weekly changes to Bitcoin mining stocks:

  • RIOT: $12.02 (+17.73%)
  • HUT: $1.93 (-2.23%)
  • BITF: $1.07 (-12.30%)
  • HIVE: $2.92 (-4.10%)
  • MARA: $11.41 (+16.91%)
  • CLSK: $5.58 (+45.31%)
  • IREN: $3.54 (+22.08%)
  • WULF: $1.26 (+20.00%)
  • CIFR: $2.69 (+3.46%)
  • BTDR: $4.85 (+4.85%)
  • SDIG: $4.29 (+10.00%)

New From Hashrate Index

Luxor Freight Solutions Q&A and Case Studies

This week, we had the chance to hear from Vince Vandersluis, the lead of global logistics at Luxor Technology's ASIC Trading Desk, to present case studies that reflect how Luxor Freight Solutions fits into the picture. With an impressive 15-year background in the global supply chain and international logistics industry, Vince has spearheaded the logistics achievements of Luxor's ASIC trading desk, overseeing and managing the transportation and delivery of over 120,000 units of crypto mininers to a growing roster of 30 countries and counting.

Countries that Luxor has shipped equipment to.Shipping destinations for Luxor Freight Solutions
Shipping destinations for Luxor Freight Solutions

Happy Hashing, and have a great week!

Hashrate Index Newsletter

Colin Harper Twitter

Head of Research and Content at Luxor Technology