Hashrate Index Roundup (September 16, 2024)

Hello world, happy Monday!

Bitcoin trended up throughout the past week, increasing by 5.46% from $55,000 to a current price of $58,000 after touching a local peak of $60,000. 1-month price action is essentially flat, whereas 6-month is down ~11%. Year-to-date performance stands at 31.10%.

Hashprice trended slighly downward throughout the week, decreasing by a modest 1.82% from $40.61/PH/Day to $39.87/PH/Day, at the time of writing. A stable course in week-to-week profitability for miners.

Beyond price action in Bitcoin and hashprice, global network hashrate took a steep downturn, with the 7-day simple moving average (SMA) moving by 10.10% from 687EH/s to 624EH/s throughout the week. A decrease in network security as sub-$40 hashprice continues to take its toll on mining economics.

Blocks were found at an average time of around 10 minutes 40 seconds throughout the week, an expected slowdown as global hashrate fell and network difficulty hit at an all-time high of 92.67T after the most recent difficulty adjustment of +3.58% on September 11th. We estimate a healthy decrease in difficulty of ~6.35% for the upcoming adjustment expected to occur on September 25th.

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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 ~$39.50 hashprice for up to six months into the future.

Bitcoin Mining Market Update

A negative trend for this week's update. Hashprice and hashrate are down, network difficulty is up. Miners collected a total of ~3,034 BTC in block rewards, equivalent to ~$177.7 million. Transaction fees constituted 1.67% of block rewards, totalling 49.26BTC, equivalent to ~$2.89 million.

Bitcoin Transaction Fee Update

Over the past week, Bitcoin miners collected an average of 0.0536 BTC per block per day in transaction fees compared to the prior week's 0.0510 BTC, a 5.10% increase.

Our transaction fee projection models remain relatively bearish as we expect a low-fee, low-volatility environment to persist in the medium term. For this week, our VAR model forecasts 0.04 BTC per block and the ARMA estimates 0.11 BTC per block.

Bitcoin Mining News

Here are the latest top headlines for Bitcoin mining news:

• Bitfarms accelerates 2.2 EH/s hosting agreement with Stronghold
• Closure of Bitcoin Mining Center Causes Spike in Power Bills for Citizens in Norwegian Municipality
• Solo Bitcoin Miner Claims $180,000 Reward by Solving Block Independently

Bitcoin Mining Stocks Update

Bitcoin mining stocks trended up throughout the past week, reflecting a 8.37% increase in our Bitcoin Mining Stock Index.

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

• RIOT: $7.20 (+9.59%) | Mkt Cap: $2.19B
• HUT: $11.24 (+20.99%) | Mkt Cap: $1.39B
• BITF: $2.04 (+8.52%) | Mkt Cap: $0.93B
• HIVE: $3.08 (+13.65%) | Mkt Cap: $0.365B
• MARA: $16.12 (+16.64%) | Mkt Cap: $4.75B
• CLSK: $9.38 (+12.61%) | Mkt Cap: $2.37B
• IREN: $7.56 (+14.72%) | Mkt Cap: $1.43B
• CORZ: $11.18 (+19.44%) | Mkt Cap: $2.89B
• WULF: $4.24 (+7.34%) | Mkt Cap: $1.62B
• CIFR: $3.09 (+10.75%) | Mkt Cap: $1.02B
• BTDR: $6.89 (+22.16%) | Mkt Cap: $0.96B
• SDIG: $4.61 (+11.62%) | Mkt Cap: $67M
• FUFU: $5.05 (+13.48%) | Mkt Cap: $0.82B
• CAN: $1.07 (+14.93%) | Mkt Cap: $0.31B

Have a great week, and Happy Hashing!