Hashrate Index Roundup (October 07, 2024)

Hello world, happy Monday!

Bitcoin trended down slightly throughout the past week, decreasing by 1.69% from ~$64,544 to a current price of ~$63,450. A local trough of ~$60,950 was observed on Friday before a pick up throughout the weekend. 1-month price performance stands at +17.21% in contrast to 6-month performance at -9.06%.

Hashprice responded similarly with a downtrend and subsequent recovery throughout the week, essentially remaining flat around $45.92 per PH/s/Day after a local trough of $43.49 per PH/s/Day. Zooming out, hashprice has moved up by 18.60% from $38.72 per PH/s/Day over the month, providing some relief for mining economics.

Beyond price action in Bitcoin and hashprice, global network hashrate had a healthy gain with the 7-day simple moving average (SMA) increasing by 10.32% from 630EH/s to 695EH/s throughout the week. Network security is now back in line with the previous month and just 5EH/s short of the all-time high of 700EH/s recorded on September 08.

Blocks were found at an average time of around 9 minutes 31 seconds throughout the week, a slight pick up in pace as compared to the week prior at 10 minutes 21 seconds. We estimate an increase in difficulty of ~4.06% for the upcoming adjustment expected to occur on October 9th.

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Luxor Hashrate Forwards Market Update

For this week's Hashrate Forwards market update, USD contracts are trading in contango whereas BTC contracts are trading in backwardation. Miners can lock in a ~$42.50 hashprice for up to six months into the future.

Bitcoin Mining Market Update

A positive trend for this week's update. Hashprice is up, hashrate is steady, network difficulty is expected to increase. Miners collected a total of ~3,431 BTC in block rewards, equivalent to ~$211.9 million. Transaction fees constituted 1.80% of block rewards totalling 60.95BTC, equivalent to ~$3.85 million.

Bitcoin Transaction Fee Update

Over the past week, Bitcoin miners collected an average of 0.0565 BTC per block per day in transaction fees compared to the prior week's 0.0600 BTC, a 5.79% decrease.

Our transaction fee projection models are becoming more relatively bullish as we expect a low-fee, low-volatility environment to change in the medium term. For this week, our VAR model forecasts 0.18 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:

• TeraWulf Monetizes Equity Interests in Nautilus Joint Venture to Fuel Expansion of HPC/AI and Bitcoin Mining at Flagship Lake Mariner Facility
• CleanSpark Ends Coinmint Colocation to Cut Bitcoin Mining Costs
• Judge axes class action claiming Iris Energy misled investors during IPO

Bitcoin Mining Stocks Update

Bitcoin mining stocks trended flat throughout the past week, reflecting a 0.52% decrease in our Bitcoin Mining Stock Index.

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

• RIOT: $7.85 (+3.97%) | Mkt Cap: $2.38B
• HUT: $12.02 (+2.47%) | Mkt Cap: $1.12B
• BITF: $2.02 (-6.70%) | Mkt Cap: $0.91B
• HIVE: $3.17 (-2.46%) | Mkt Cap: $0.37B
• MARA: $16.31 (-1.87%) | Mkt Cap: $4.80B
• CLSK: $9.58 (+0.10%) | Mkt Cap: $2.43B
• IREN: $8.68 (+2.12%) | Mkt Cap: $1.64B
• CORZ: $12.19 (+2.70%) | Mkt Cap: $3.15B
• WULF: $4.40 (-7.95%) | Mkt Cap: $1.68B
• CIFR: $4.10 (+10.51%) | Mkt Cap: $1.35B
• BTDR: $7.30 (-4.70%) | Mkt Cap: $1.01B
• FUFU: $4.06 (-3.79%) | Mkt Cap: $0.66B
• CAN: $1.03 (-3.74%) | Mkt Cap: $0.30B

Have a great week, and Happy Hashing!