Hashrate Index Q3 Mining Report: Quantifying China’s Bitcoin Mining Ban

  • Hashrate has made a herculean recovery following the ban; after being cleft in half, it rose from late-June lows of 69 EH/s to 140 EH/s by the end of Q3, a 103% recovery.
  • From its Q2 lows in June to its Q3 highs in August, hashprice in USD more than doubled. Hashprice closed out Q3 at $0.29/TH, which was 30% lower than the yearly high set in April. For hashprice in BTC terms, miners saw a 70% increase from the profitability trough in June to its crest in July.
  • Collectively in Q3, the largest public North American miners mined 79% more bitcoin than they did in Q2 and 155% more than they mined in Q1.
  • The average price per terahash for new generation hardware fell 48% from its summer high of $119.25 to its summer low of $62.04. Still, new gen rigs closed Q3 out at an average price per terahash of $93.68, rising 51% over the period.
  • Block times creeped to a sluggish average of 12.6 minutes in June. As a result, miners mined only 23,289 BTC during June — 23% less than what they earned in May.
  • We saw a reversal of this trend in August. With hashrate surging, block production went into overdrive with an average block time of 8.2 minutes, netting them 30,683 BTC.
  • Fees as a percentage of block rewards have plummeted since the event, with the quarterly average for fees as a share of block rewards falling from 11.14% in Q2 to 2.06% in Q3



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Luxor Tech

Luxor Tech

Luxor is a Bitcoin mining pool and full-stack crypto mining company. The financialization of hashrate starts with us. https://www.luxor.tech/