Hashrate Index Roundup (September 8, 2025)

Hello world, happy Monday!

TLDR

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

Over the past week, miners collected a total of ~3,282 BTC in block rewards, equivalent to ~$363 million. Transaction fees constituted 1.16% of block rewards totalling 38 BTC, equivalent to ~$4.22 million.

Bitcoin

Bitcoin trended slightly up throughout the past week, increasing by 1.74% from ~110,375 to a current price of ~$112,295. Year-to-date performance stands at +20.15%.

Hashprice

USD hashprice decreased by 2.87% from $53.74 per PH/s/Day to a current $52.20 per PH/s/Day.

BTC hashprice decreased by 5.68% from 0.00049387 BTC per PH/s/Day to 0.00046580 BTC per PH/s/Day.

Hashrate & Difficulty

Network hashrate was flat, with the 7-day simple moving average (SMA) moving from 988EH/s to 987EH/s. The 30-day SMA currently stands at 971 EH/s.

The latest difficulty adjustment took place on September 4, increasing network difficulty by 4.89% to 136.04T.

Blocks were found at an average time of around 9 minutes 28 seconds over the past 24 hours.

We currently estimate* an increase of ~5.50% for the upcoming adjustment, expected to occur on September 18.

*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 0.0317 BTC (per block per day) in transaction fees, compared to the prior week's 0.0270 BTC, a 17% increase.

Looking Forward

For this week's Hashrate Forward Market update, the forward market is pricing in an average hashprice of $49.17 or 0.00043 BTC over the next six months.

Bitcoin Mining Stocks

Bitcoin mining stock trends were down throughout the past week, reflecting a 4.60% decrease in our Bitcoin Mining Stock Index.

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

• BTDR: $12.35 (-10.05%) | Mkt Cap: $2.50B
• BITF: $1.29 (-1.53%) | Mkt Cap: $0.71B
• CIFR: $7.52 (+1.35%) | Mkt Cap: $3.04B
• CLSK: $9.24 (-0.32%) | Mkt Cap: $2.58B
• CORZ: $13.62 (-2.64%) | Mkt Cap: $4.25B
• HIVE: $2.66 (-7.64%) | Mkt Cap: $0.60B
• HUT: $25.38 (-1.70%) | Mkt Cap: $2.69B
• IREN: $26.15 (+2.19%) | Mkt Cap: $7.12B
• MARA: $15.19 (-3.00%) | Mkt Cap: $5.63B
• RIOT: $13.29 (-0.08%) | Mkt Cap: $4.97B
• WULF: $9.13 (-0.76%) | Mkt Cap: $3.61B
• FUFU: $3.56 (-6.56%) | Mkt Cap: $0.58B
• CAN: $0.71 (-2.74%) | Mkt Cap: $0.34B
• GREE: $1.18 (-3.28%) | Mkt Cap: $0.02B
• SLNH: $0.48 (+0.00%) | Mkt Cap: $0.03B

Have a great week, and Happy Hashing!

Footnotes

1. As of September 8, 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.