Hashrate Index Roundup (October 21, 2024)

Hello world, happy Monday!

Bitcoin trended up throughout the past week, increasing by 4.79% from ~$64,200 to a current price of ~$67,275. A local peak of just under $69,000 was observed over the weekend. Year-to-date (YTD) price performance stands at +52.23%.

Hashprice responded similarly with an uptrend throughout the week, moving from $47.57 per PH/s/Day to a local peak of $53.97 per PH/s/Day over the weekend, before calming back down and hovering around a current $47.34 per PH/s/Day.

Beyond price action in Bitcoin and hashprice, global network hashrate marked a new all-time high with the 7-day simple moving average (SMA) inreasing by 9.25% from 670EH/s to 732EH/s throughout the week.

Blocks were found at an average time of around 9 minutes 34 seconds throughout the week, a slight slowdown in pace as compared to the week prior at 9 minutes 07 seconds. We estimate an increase in difficulty of ~4.28% for the upcoming adjustment expected to occur tomorrow on October 22nd.

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Luxor Hashrate Forwards Market Update

For this week's Hashrate Forwards market update, both USD and BTC contracts are trading in backwardation. Miners can lock in a ~$44.39 hashprice for up to six months into the future.

Bitcoin Transaction Fee Update

Over the past week, Bitcoin miners collected an average of 0.1943 BTC per block per day in transaction fees compared to the prior week's 0.1954 BTC, a 0.59% decrease.

Our transaction fee projection models are becoming relatively more bullish as we expect moderate volatility in the more typical range of fees (i.e., above the summer's all time lows) to continue. For this week, our VAR model forecasts 0.34 BTC per block per day and the ARMA estimates 0.23 BTC per block per day.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• U.S. Bitcoin Miners Reach Record 28.9% Control of Global Hash Rate
• MARA Secures $200M Credit Line with Bitcoin Collateral
• Crusoe, Blue Owl Capital and Primary Digital Infrastructure Enter $3.4 billion Joint Venture for AI Data Center Development

Bitcoin Mining Stocks Update

Bitcoin mining stocks trended up throughout the past week, reflecting a 14.33% increase in our Bitcoin Mining Stock Index.

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

• RIOT: $9.86 (+13.73%) | Mkt Cap: $2.99B
• HUT: $14.47 (+18.90%) | Mkt Cap: $1.32B
• BITF: $2.06 (+6.74%) | Mkt Cap: $0.93B
• HIVE: $3.81 (+17.23%) | Mkt Cap: $0.45B
• MARA: $18.88 (+12.92%) | Mkt Cap: $5.56B
• CLSK: $12.86 (+28.73%) | Mkt Cap: $3.26B
• IREN: $9.49 (+16.70%) | Mkt Cap: $1.80B
• CORZ: $12.81 (-4.04%) | Mkt Cap: $3.31B
• WULF: $5.24 (+21.16%) | Mkt Cap: $2.00B
• CIFR: $4.97 (+15.58%) | Mkt Cap: $1.63B
• BTDR: $8.68 (+11.42%) | Mkt Cap: $1.21B
• FUFU: $4.59 (+12.22%) | Mkt Cap: $0.75B
• CAN: $0.99 (-0.57%) | Mkt Cap: $0.28B

Have a great week, and Happy Hashing!