Hashrate Index Roundup (September 22, 2025)

Hello world, happy Monday!

TLDR

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

Over the past week, miners collected a total of ~3,439 BTC in block rewards, equivalent to ~$399 million. Transaction fees constituted 0.78% of block rewards totalling 27 BTC, equivalent to ~$3.01 million.

Bitcoin

Bitcoin trended down up throughout the past week, decreasing by 2.20% from ~115,383 to a current price of ~$112,849. Year-to-date performance stands at +20.74%.

Hashprice

USD hashprice decreased by 7.01% from $53.77 per PH/s/Day to a current $50.00 per PH/s/Day.

BTC hashprice decreased by 4.64% from 0.00046635 BTC per PH/s/Day to 0.00044470 BTC per PH/s/Day.

Hashrate & Difficulty

Network hashrate was up by 4.73%, with the 7-day simple moving average (SMA) moving from 1,037 EH/s to 1,086 EH/s. The 30-day SMA currently stands at 1,023 EH/s.

The latest difficulty adjustment took place on September 18, increasing network difficulty by 4.89% to 142.34T.

Blocks were found at an average time of around 9 minutes 5 seconds over the past 24 hours.

We currently estimate* an increase of ~4.81% for the upcoming adjustment, expected to occur on October 1.

*This estimate should be taken with a grain of salt given that we are early into a difficulty epoch. Early on, difficulty predictions are relatively shaky because of short-term variance. However, as time (or blocks) pass, the noise fades and the signal sharpens.

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Transaction Fees

Over the past week, miners collected an average of 0.0243 BTC (per block per day) in transaction fees, compared to the prior week's 0.0280 BTC, a 13% decrease.

Looking Forward

For this week's Hashrate Forward Market update, the forward market is pricing in an average hashprice of $47.17 or 0.00041 BTC over the next six months.

Bitcoin Mining Stocks

Bitcoin mining stock trends were up throughout the past week, reflecting a 10.38% increase in our Bitcoin Mining Stock Index.

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

• BTDR: $16.45 (-0.54%) | Mkt Cap: $3.24B
• BITF: $3.12 (+23.32%) | Mkt Cap: $1.74B
• CIFR: $12.28 (+12.97%) | Mkt Cap: $4.83B
• CLSK: $13.62 (+31.09%) | Mkt Cap: $3.83B
• CORZ: $16.62 (+2.15%) | Mkt Cap: $5.08B
• HIVE: $3.79 (-6.65%) | Mkt Cap: $0.86B
• HUT: $36.24 (+9.42%) | Mkt Cap: $3.83B
• IREN: $38.64 (+11.13%) | Mkt Cap: $10.51B
• MARA: $18.29 (+12.62%) | Mkt Cap: $6.78B
• RIOT: $17.46 (+9.06%) | Mkt Cap: $6.45B
• WULF: $10.98 (+1.29%) | Mkt Cap: $4.48B
• FUFU: $3.85 (-7.45%) | Mkt Cap: $0.63B
• CAN: $0.78 (-6.02%) | Mkt Cap: $0.38B
• GREE: $1.63 (+8.67%) | Mkt Cap: $0.03B
• SLNH: $1.08 (+52.11%) | Mkt Cap: $0.07B

Have a great week, and Happy Hashing!

Footnotes

1. As of September 22, 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.