Hashrate Index Roundup (June 02, 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 ~3,369 BTC in block rewards, equivalent to ~$359 million. Transaction fees constituted 1.11% of block rewards totalling 37 BTC, equivalent to ~$4.00 million.

Bitcoin

Bitcoin trended down throughout the past week, decreasing by 3.76% from ~109,602 to a current price of ~$104,813. Year-to-date performance stands at +12.18%.

Hashprice

USD hashprice decreased by 8.10% from $57.13 per PH/s/Day to a current $52.50 per PH/s/Day.

BTC hashprice decreased by 4.07% from 0.00052196 BTC per PH/s/Day to a current 0.00050070 per PH/s/Day.

Hashrate & Difficulty

Network hashrate rose by 3.44%, with the 7-day simple moving average (SMA) moving from 900EH/s to 931EH/s. The 30-day SMA currently stands at 898 EH/s.

The latest difficulty adjustment took place on May 31, increasing network difficulty by 4.38% to a new all-time high of 126.98T.

Blocks were found at an average time of around 10 minutes 02 seconds over the past 24 hours.

We currently estimate* a decrease of ~1.03% for the upcoming adjustment, expected to occur on June 13.

*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 0.0356 BTC (per block, per day) in transaction fees compared to the prior week's 0.0421 BTC, a 16% decrease.

Our transaction fee projection models remain bearish. For this week, the ARMA estimates 0.06 BTC per block per day and the VAR model forecasts 0.08 BTC per block per day.

Looking Forward

For this week's Hashrate Forward Market update, the forward market is pricing in an average hashprice of $51.59 or 0.00049 BTC over the next six months.

Bitcoin Mining Stocks

Bitcoin mining stock trends were down throughout the past week, reflecting a 7.03% decrease in our Bitcoin Mining Stock Index.

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

• BTDR: $12.86 (-14.49%) | Mkt Cap: $2.51B
• BITF: $0.92 (-14.02%) | Mkt Cap: $0.50B
• CIFR: $3.12 (-12.85%) | Mkt Cap: $1.09B
• CLSK: $8.63 (-9.63%) | Mkt Cap: $2.42B
• CORZ: $10.65 (-2.20%) | Mkt Cap: $3.26B
• HIVE: $1.80 (-10.89%) | Mkt Cap: $0.33B
• HUT: $15.27 (-11.53%) | Mkt Cap: $1.58B
• IREN: $8.39 (-11.03%) | Mkt Cap: $1.96B
• MARA: $14.12 (-7.23%) | Mkt Cap: $5.05B
• RIOT: $8.07 (-8.92%) | Mkt Cap: $3.03B
• WULF: $3.53 (-12.84%) | Mkt Cap: $1.41B

Have a great week, and Happy Hashing!

Footnotes

1. As at June 02, 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.