Hashrate Index released the annual review of Bitcoin mining in 2022

Bitcoin Mining Data Analytics Platform Hashrate Index Released 2022 Year-in-Review

On January 11, Bitcoin mining data analytics platform Hashrate Index released its 2022 Bitcoin Mining Year-in-Review, detailing the cryptocurrency’s performance throughout the year. The report provides in-depth analysis of metrics such as hash rate, mining difficulty, Bitcoin price, and mining stock performance.

Chinese journalist Colin Wu shared an update from Hashrate Index on the Bitcoin hashprice via his Twitter account Wu Blockchain:

Hashrateindex data shows that as Bitcoin’s price broke through $21,000, the hashprice reached a 3-month high of $78. Hashprice refers to the expected value per day of 1 TH/s of hash power and is used to measure miners’ expected revenue.
https://t.co/raEBUs6TNG pic.twitter.com/pwTyOedGVm
— Wu Blockchain (@WuBlockchain), January 15, 2023

Jihan Wu noted that the hashprice hit a 3-month high of $78 per PH/day, while the Bitcoin price “broke through $21,000.”

Bitcoin Hashprice Index

Although the current hashprice has reached a 3-month high, reports indicate that it remains significantly lower compared to the previous year. While the 2021 bull market was described as “an excellent time for Bitcoin mining,” especially following China’s mining ban, the situation changed in 2022.

Notably, the average hashprice in 2021 was $314.61 per PH/day, with the annual high reaching $412.57 per PH/day. In contrast, the highest dollar-denominated hashprice in 2022 was only $246.86 per PH/day. The average hashprice in 2022 dropped to $123.88 per PH/day, and at its lowest point, it fell to a historic low of $55.94 per PH/day.

Hashrate Index defines hashprice as the expected value of 1 TH/s of hash power per day:

Hashprice is a term coined by Luxor, referring to the expected daily value of 1 TH/s of hash power. This metric quantifies the revenue miners expect to earn from a specific amount of hashrate.

Bitcoin Price and Mining Difficulty

In addition, Luxor provides the Bitcoin community with tools to forecast the difficulty of miners “finding the next Bitcoin block” by displaying charts comparing Bitcoin price and mining difficulty. Luxor’s Bitcoin price index is calculated as a volume-weighted average price (VWAP) across multiple exchanges.