As a researcher with several years of experience in the cryptocurrency market, I find the recent developments in the Bitcoin mining scene quite intriguing. The fourth Bitcoin halving that occurred around block 840,000 on April 20, 2024, led to an increase in mining difficulty by over 2 trillion, making it more challenging for miners to earn rewards.
After the fourth Bitcoin halving over a week ago, its value has been declining in the longer term perspective. The Bitcoin price reached approximately $62,300 on Monday during the mid-London session, representing an 11% decrease over the past month. With regards to mining, the hash rate remained stable at around 560 Exahashes/s, suggesting that most miners have upgraded their equipment in response to the increasing difficulty.
Several Bitcoin Miners Solve Entire Block
The process of Bitcoin miners successfully solving an entire block of transactions traces back to the cryptocurrency’s creation over a decade ago. Following the fourth Bitcoin halving in April 2024, which took place at block 840,000, mining difficulty increased significantly by over 2 trillion, reaching approximately 88.1T. Remarkably, some miners have been fortunate enough to claim the entire block reward and transaction fees.
As a crypto investor, I’ve noticed that Binance Pool mined four full Bitcoin blocks within the last 24 hours based on data from memepool. Specifically, these blocks were numbered 841278, 841317, 841325, and 841335. With a hash rate of approximately 21.8 Exahashes/s, Binance Pool has been quite successful in the mining scene and has amassed a total of around 128,159 Bitcoins since its inception.
AntPool, boasting a total hash rate of approximately 131.5 Exahashes per second, has individually mined numerous Bitcoin blocks within the last 24 hours. Among these recently mined blocks are numbers 841236, 842238, 842251, 841256, 841261, 841262, 841270, 841313, 841346, 841347, 841353, and 841358.
ViaBTC, a Bitcoin mining company boasting a hash rate of approximately 61 Exahashes per second, managed to find solutions for eight new Bitcoin blocks within the last 24 hours.
Solo BTC Miner Outshines major Pools
As a crypto investor, I’ve noticed an increasing number of institutional investors joining the Bitcoin mining scene. However, individual miners like me aren’t sitting idly by. For example, Bitcoin block 841286, which yielded a total reward of 3.43 BTC, was single-handedly mined by an individual miner named Solo CK. With a hash rate of approximately 4.4 EH/s, this miner has earned a grand total of 5,460 coins to date. It’s fascinating to see how determined small-scale miners continue to contribute to the network’s security and stability.
Miner 365ughTgK9Q7rXXTM7vubqy1awZ2AZJijP deserves a round of applause for successfully mining the 282nd block all by themselves, accomplishing this feat at around ~120PH (an approximately 12PH weekly average).
— Dr -ck (@ckpooldev) April 28, 2024
Market Impact
As an analyst, I’ve observed that the Bitcoin price has been on a downward trend for the past two weeks, mirroring its decreasing market dominance. Surprisingly, despite increased global interest from institutional investors and retail traders, Bitcoin has struggled to maintain a bullish momentum.
A massive Bitcoin supply shock is brewing.
Here’s why:…
— Lark Davis (@TheCryptoLark) April 29, 2024
As a crypto investor, I’m pleased to note that miners have been holding onto their rewards instead of selling them off in large quantities. This is a positive sign for Bitcoin bulls and increases the likelihood of a rebound at the $60,000 level. However, if the price fails to hold above this support level, it’s possible that Bitcoin could drop down to around $53,000 before regaining its bullish momentum once again.
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2024-04-29 17:16