Hashprice drops 8.7% to $32.86 as difficulty stabilizes

Bitcoin mining hashprice fell 8.7% to $32.86 per petahash per second per day on November 2, 2024, according to Hashrate Index. Forward-implied network computing power suggests little additional competition through December.

The weekly drop brings expected daily revenue for a unit of computing power down from $35.99. Hashrate Index, operated by Luxor, published the analysis on October 30, 2024, with a snapshot taken at 18:00 UTC on November 2.

Forward-implied hashrate remains flat

The October 30 analysis placed implied network computing power at 1,056 exahashes per second (EH/s) for November and 1,059 EH/s for December. These forward-implied levels sit near the 1,062 EH/s average recorded over the mining epoch ending October 29.

This flattening follows a sharp rise in network difficulty, which climbed 16.4% from 127.45 trillion before the September 19 adjustment to 148.36 trillion on October 29. A pause in new competition leaves miners operating at this elevated level.

Calculations assume transaction fees of about 0.02 BTC per block when translating contract prices into implied growth; different fee outcomes can alter the interpretation.

Forward contracts stabilize revenue benchmarks

The November 2 update set the average forward hashprice at $33.04 per PH/s/day for November through April 2027. This serves as an indicative revenue benchmark, though actual execution depends on contract terms.

Forward contracts stabilize benchmark revenue for output matched to specific quantities and dates. In Luxor’s cash-settled structure, sellers receive the difference if the daily index falls below the agreed price and owe it if it rises. This hedge is tied to the index, not physical uptime.

Deliverable forwards provide upfront payment against delivery to Luxor’s mining pool, subject to credit checks and possible delivery margin. Luxor acts as the counterparty for both cash-settled and deliverable contracts.

For operators with fixed dollar power costs, stabilizing revenue improves cash-flow planning. Higher-cost fleets need this stability to cover expenses, while efficient fleets have more margin. Dollar hashprice depends on Bitcoin’s price, fees, subsidy, and difficulty; weaker pricing or fees can reduce unhedged revenue even if competition remains steady.