Bitcoin mining news: a solitary individual earns $199,098 with hashrate below 700EH/s

The latest news in bitcoin mining is that a solo miner managed to earn the equivalent of $199,098 by mining block 858,987 of the Blockchain alone. At the same time, the trend of the hashrate remains below 700 EH/s in August. 

Bitcoin mining news: the solo miner who manages to earn $199,098 

A success of decentralization comes precisely with this news. A solo miner managed to mine block number 858,987 on their own, obtaining their reward of 3.275 BTC, valued at that moment at 199,098 dollars.

“JUST ARRIVED: A solitary miner has just mined a block of 3,275 #Bitcoin worth 199,098 dollars. LEGEND”

This result is very significant, given that the landscape of bitcoin mining has become over the years increasingly more competitive, with the large mining pool dominating the scene. 

Yet, the decentralized nature of Bitcoin’s Blockchain has once again managed to demonstrate that such rewards can also go (even if in rare cases) to solo miners. 

The block number 858,978 mined by a solo Bitcoin miner, contained 2,391 transactions and was mined on ckpool. In this regard, the administrator of Solo CK, Dr. Con Kolivas commented on the event:

“Congratulations to the miner 36AisvWi1UiwLTeTZxLzindAkorqeUc3tT for solving the 291st block solo on http://solo.ckpool.org! This big miner with 38PH solved a block on average once every ~4 months. https://mempool.space/block/000000000000000000016ccd32328638865256249e592246bfae8af4031dda01  “

Bitcoin mining news and the trend of the hashrate: in August it remains below 700 EH/s

Taking a look at the trend of the total Bitcoin mining hashrate, then, it seems that this August the level remained below 700 EH/s. 

According to what is reported by Blockchain.com, in this month of August, the hashrate has remained below 642 EH/s, while on other sources, the hashrate would have even exceeded 700 EH/s on August 5 and 12.

Some time ago, however, the trend of the bitcoin mining hashrate was analyzed in light of the halving that took place last April 2024. 

In fact, it turned out that Q2 2024 had recorded a decrease of -18% compared to the previous quarter. Something that hadn’t happened since Q2 2022. Anyway, during that period, the hashrate had reached its all-time high on April 23, 2024, at 721 EH/s. 

So, while the drop in Q2 2022 was due to the implosion of the Terra/Luna crypto ecosystem and the failure of Celsius and BlockFi, this one in Q2 2024 seems to be due precisely to the Bitcoin halving. 

The price of BTC

In the meantime, in the last few hours, the price of BTC has fallen again below $60,000. At the time of writing, BTC is worth $59,415.

This is a price dump of -2% compared to a week ago and -10% compared to a month ago. 

Here too, the halving of BTC was the event that in this 2024 made the price of BTC rise to its all-time high of over $73,000 on March 14.

Other factors that contributed to its rise were also the 11 applications for the issuance of ETF on bitcoin spot approved by the Securities and Exchange Commission of the USA at the beginning of the year.

Returning to the short term, however, the current drop below $60,000 of BTC can be seen as an alarm. In fact, today’s Bitcoin Fear and Greed Index is 34, confirming a sentiment of “fear” in the crypto community.