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Hashrate Index Releases 2022 Bitcoin Mining Year in Review

source-logo  coinedition.com 15 January 2023 09:13, UTC

Hashrate Index, the Bitcoin mining data analytic platform released its 2022 Bitcoin Mining Year in Review on January 11, detailing the performance of the cryptocurrency in 2022, specifically analyzing its hashprice, hashrate, prices, mining stock performances, etc.

The Chinese reporter Colin Wu updated his Twitter account Wu Blockchain with the reports from the Hashrate Index on the hashprice of Bitcoin:

Hashrateindex data pointed out that as the price of Bitcoin broke through 21,000 US dollars, Hashprice hits 3-month high of $78. Hashprice refers to the expected value of 1 TH/s of hashing power per day to show how much a miner can expect to earn. https://t.co/raEBUs6TNG pic.twitter.com/pwTyOedGVm

— Wu Blockchain (@WuBlockchain) January 15, 2023

Wu pointed out that the hashprice of the coin hit a 3-month high of $78/PH/day, while its price “broke through 21,000 US dollars”.

Bitcoin Hashprice Index

As per the reports, though the current hashprice is a 3-month high, it’s comparatively very low from the previous year. While the bull market of 2021, was “an extremely profitable time to mine Bitcoin”, especially because of China’s Bitcoin mining ban, the situation was different.

Notably, the average hashprice for 2021 was $314.61/PH/day. Also, the yearly high was as high as $412.57/PH/day. However, in 2022, things turned upside down- the USD hashprice high was just $246.86/PH/day. Though the average hashprice was $123.88/pH/day, at a point in time, the hashprice reached an all-time low of $55.94/PH/day.

The platform defines hashprice as the expected value of 1 TH/s of hashing power per day:

Hashprice, a term coined by Luxor, refers to the expected value of 1 TH/s of hashing power per day. The metric quantifies how much a miner can expect to earn from a specific quantity of hashrate.

Bitcoin Price and Difficulty

In addition, Luxor provides the bitcoin community an opportunity to foresee the difficulty for the miners to “find the next Bitcoin block in the chain”, by showcasing the Bitcoin Price Difficulty Chart. Luxor’s Bitcoin price is an index price that is calculated by “taking the Volume Weighted Average Price (VWAP) of the Bitcoin price data from multiple exchanges.