Hashrate Index Roundup (December 15, 2025)

Hello world, happy Monday!

TLDR

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

Over the past week, miners collected a total of ~3,168 BTC in block rewards, equivalent to ~$287 million. Transaction fees constituted 0.59% of block rewards totalling 18 BTC, equivalent to ~$1.7 million.

Bitcoin

Bitcoin trended down throughout the past week, decreasing by 4.3% from ~$89,956 to a current price of ~$86,076. Year-to-date (YTD) performance stands at -7.9%.

Hashprice

USD hashprice decreased by 4.8% from $38.60 per PH/s/Day to a current $36.75 per PH/s/Day.

BTC hashprice increased by 0.9% from 0.00042325 BTC per PH/s/Day to 0.00042698 BTC per PH/s/Day.

Based on fleet efficiency, bitcoin mining operations are currently earning the following compute revenues per watt-hour:

• Under 19 J/TH fleets — $94 per MWh
• 19-25 J/TH — $72 per MWh
• 25-38 J/TH — $50 per MWh

Hashrate & Difficulty

Network hashrate decreased by 0.5%, with the 7-day simple moving average (SMA) moving from 1,054 EH/s to 1,049 EH/s. The 30-day SMA currently stands at 1,066 EH/s.

The latest difficulty adjustment took place on December 10, decreasing network difficulty by 0.74% to 148.20T.

Blocks were found at an average time of around 10 minutes 10 seconds over the past 24 hours.

We currently estimate* a decrease of ~1.69% for the upcoming adjustment, expected to occur on December 24.

*This estimate should be taken with a grain of salt given that we are so 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 0.0183 BTC (per block per day) in transaction fees, compared to the prior week's 0.0224 BTC, an ~18% decrease.

Looking Forward

For this week's Hashrate Forward Market update, the forward market is pricing in an average hashprice of $36.63 or 0.00042 BTC over the next six months.

Bitcoin Mining Stocks

Bitcoin mining stock trends were mixed throughout the past week, reflecting a -3.8% change on our Bitcoin Mining Stock Index.

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

• BTDR: $10.65 (-11.5%) | Mkt Cap: $1.9B
• BITF: $2.74 (-6.8%) | Mkt Cap: $1.5B
• CIFR: $17.05 (-14.3%) | Mkt Cap: $5.8B
• CLSK: $14.03 (+0.8%) | Mkt Cap: $3.0B
• CORZ: $16.53 (-5.9%) | Mkt Cap: $4.7B
• HIVE: $3.06 (-3.8%) | Mkt Cap: $0.7B
• HUT: $41.31 (-4.8%) | Mkt Cap: $4.4B
• IREN: $40.13 (-11.5%) | Mkt Cap: $10.2B
• MARA: $11.52 (-4.2%) | Mkt Cap: $4.0B
• RIOT: $15.30 (+1.1%) | Mkt Cap: $5.1B
• WULF: $14.33 (-3.0%) | Mkt Cap: $5.2B
• FUFU: $2.86 (-4.3%) | Mkt Cap: $0.4B
• CAN: $0.84 (-12.5%) | Mkt Cap: $0.5B
• GREE: $1.82 (+4.0%) | Mkt Cap: $0.02B
• SLNH: $1.91 (+15.1%) | Mkt Cap: $0.2B

Have a great week, and Happy Hashing!

Footnotes

1. As of December 15, 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.