Hello world, happy Monday!
TLDR
This week’s update shows a positive trend for Bitcoin, with hashrate increasing and difficulty remaining stable. Transaction fees have decreased, but the overall hashprice has seen an uptick. Miners collectively earned approximately 3,68 BTC in block rewards, valued at around $243 million. Transaction fees accounted for 0.56% of these rewards, totaling 18 BTC, or about $1.3 million.
Key Takeaways
- Network hashrate increased by 4.73% to a 7-day average of 930 EH/s.
- Miner rewards saw a jump of 6.51% to 3,251 BTC, boosted by rising fee income.
- Network difficulty adjusted slightly downwards by 0.45%.
- Despite a 1.05% drop in USD hashprice, overall network conditions appear to be improving for miners.
- Hardware pricing for the S21XP remained stable at $25.70/TH.
Bitcoin Performance
Bitcoin experienced a slight increase of 1.0% over the past week, moving from approximately $76,870 to $77,628. Year-to-date, Bitcoin’s performance stands at -11.2%.
Hashprice Dynamics
The USD hashprice saw a marginal increase of 1.7%, rising from $35.27 to $35.88 per PH/s/Day. In BTC terms, the hashprice remained virtually unchanged, moving from 0.00046260 BTC to 0.00046273 BTC per PH/s/Day.
Current mining revenue per watt-hour, based on fleet efficiency, is reported as follows:
- Fleets under 19 J/TH: $88 per MWh
- Fleets between 19-25 J/TH: $68 per MWh
- Fleets between 25-38 J/TH: $47 per MWh
The current spot hashprice at $36 per PH/s/Day indicates that profitability is near or below breakeven for many miners, contingent on their specific operating costs and hardware efficiency.
Network Hashrate and Difficulty
The network hashrate saw a notable increase of 2.2%, with the 7-day simple moving average (SMA) rising from 966 EH/s to 987 EH/s. The 30-day SMA is currently positioned at 979 EH/s.
The most recent network difficulty adjustment occurred on May 15, resulting in a 3.12% increase to 136.61T. Block times have remained consistent, averaging approximately 10 minutes over the last 24 hours.
The next difficulty adjustment is projected to occur around May 29, with an estimated decrease of -0.16%.
Impact on Miners and Network Security
The current hashprice environment presents a challenging scenario for smaller-scale miners who may operate with less efficient hardware and higher electricity costs. The slight increase in hashrate suggests that larger, more efficient industrial mining farms are likely expanding their operations, potentially leveraging newer ASIC models with superior energy efficiency. This trend can lead to increased competition for block rewards. For network security, a rising hashrate generally enhances security by increasing the total computational power dedicated to validating transactions, making it more expensive and difficult for malicious actors to attempt a 51% attack. However, the economic viability of mining, reflected in the hashprice, directly influences the sustained growth and distribution of this hashrate. If hashprice remains stagnant or declines further, it could lead to a consolidation of mining power among entities with the lowest operational costs, potentially impacting decentralization.
Transaction Fees
Transaction fees collected by miners averaged 0.0174 BTC per day per block over the past week, marking a 4% decrease from the previous week’s average of 0.0181 BTC.
Forward Market Outlook
The Hashrate Forward Market indicates an anticipated average hashprice of $35.00, or 0.00045 BTC, over the next six months. This suggests a cautious outlook from market participants regarding future profitability.
Bitcoin Mining Stocks
The Bitcoin Mining Stock Index recorded a positive performance over the past week, with a 13.3% increase. This trend reflects a general upward movement in the stock values of publicly traded Bitcoin mining companies.
Have a great week, and Happy Hashing!
Footnotes
- As of May 25, 2026 UTC 17:00. Values are subject to change.
- Luxor estimates the adjustment date using average block times and blocks remaining in the epoch. Values are subject to change.
- Luxor estimates the difficulty adjustment using average block times. Values are subject to change.
Original article : hashrateindex.com