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Jan 9, 2025 | 
hashrateindex.com | Ben Harper |Kaan Farahani |Jaran Mellerud
Luxor’s Monthly Lookback Series is a deep dive into Bitcoin hashrate market activity. In this post, we cover December 2024’s hashrate and hashprice trends, forward market participation, trading activity and contract performance. Tune in to our X Spaces session discussing these results here. SummaryBitcoin Continues to Boom: December 2024 saw Bitcoin price hit another new all-time high, driving an 8% increase in hashprice despite other challenges to mining economics.
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Dec 23, 2024 | 
hashrateindex.com | Ben Harper
What is Energy-Adjusted Hashprice? The energy-adjusted hashprice expresses the revenue a Bitcoin miner earns per unit of electricity consumed, rather than per unit of computational power. This metric provides a measure of mining revenue based on energy usage, allowing Bitcoin miners, traders, investors and financiers to assess mining operations in terms of how much income is generated for every watt-hour of electricity used. How is Energy-Adjusted Hashprice Calculated?
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Dec 5, 2024 | 
hashrateindex.com | Ben Harper |Kaan Farahani |Jaran Mellerud
Luxor’s Monthly Lookback Series is a deep dive into Bitcoin hashrate market activity. In this post, we cover November 2024’s hashrate and hashprice trends, forward market participation, trading activity and contract performance. SummaryBitcoin’s Record High: November 2024 saw Bitcoin price surge to nearly $100,000 post-election.
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Nov 26, 2024 | 
hashrateindex.com | Ben Harper |Kaan Farahani |Jaran Mellerud
The bull market is in full swing, and Bitcoin's rise since the U.S. election has miners scrambling to capitalize on the upside. Across the industry, miners are racing to procure ASICs, secure rack space, and bring machines online. But with higher demand, tight ASIC markets and logistical delays are making it harder to grow production and capture upside in the bull market.
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Nov 24, 2024 | 
hashrateindex.com | Ben Harper |Jaran Mellerud
Halving TimingWhile the block subsidy is absolutely certain in terms of blocks, it is not certain in terms of time. Therefore, when considering forward hashrate markets (which are based on time) it is important to consider when the halving will occur to fairly judge future value on specific dates. The table below provides a reasonable range for block times between now and the halving. During this difficulty epoch, block times are averaging just under 9 minutes and 50 seconds.
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Nov 24, 2024 | 
hashrateindex.com | Ben Harper |Jaran Mellerud
Navigating the complex landscape of Bitcoin mining requires not only cutting-edge technology but also an acute understanding of market dynamics. Among the critical tools at the disposal of the Bitcoin mining industry are Luxor's Hashrate Forwards. This post explores the historical data of the Hashrate Forward Curve to assess its efficacy in predicting future hashprices and to identify potential opportunities for extracting alpha. Historical Hashrate Forward Curves vs.
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Nov 21, 2024 | 
hashrateindex.com | Ben Harper |Kaan Farahani |Jaran Mellerud
In the world of Bitcoin mining, hashprice has become the go-to metric for gauging revenue potential. But here’s the catch: it’s a poor forecasting tool, falling short by a staggering 80% compared to the alternative. Miners looking to future-proof their strategies need to shift focus from spot hashprice to the forward market instead. Here’s why.
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Nov 7, 2024 | 
hashrateindex.com | Ben Harper |Kaan Farahani |Jaran Mellerud
Luxor’s Derivatives Monthly Lookback Series is a deep dive into Bitcoin hashrate forward market activity. In this post, we cover October 2024’s hashrate and hashprice trends, forward market participation, trading activity and contract performance. SummaryBitcoin miners continue to face a challenging hashprice environment, but in the past month there was some reason for optimism. In appropriately named “Uptober”, every constituent of hashprice was up on the month.
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Oct 31, 2024 | 
hashrateindex.com | Ben Harper |Kaan Farahani |Jaran Mellerud
Hedging is a relatively new concept in the Bitcoin mining industry. Until recently, Bitcoin miners were unable to hedge their hashrate production and consequently their revenue. But that’s all changed with Luxor’s Hashrate Forwards. Miners now have access to a suite of hedging instruments to de-risk, optimize and grow their operations. However, a key question remains: how much hashrate production should a Bitcoin mining company hedge? In today’s post, we explore that question.
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Oct 17, 2024 | 
hashrateindex.com | Ben Harper |Kaan Farahani |Jaran Mellerud
For the past twenty weeks, Hashrate Index has provided forecasts for Bitcoin transaction fees in our Weekly Roundup newsletter. With Q3 2024 now over, it’s time to look back, see how we did, and discuss important takeaways about fees going forward. What Happened to Fees in Q3? After a period of post-halving volatility, Bitcoin transaction fees hit some pretty shocking lows in Q3 2024.
