Key Points
- An individual miner has solved an entire Bitcoin block, amidst the ongoing recovery of the hash rate post halving.
- Bitcoin’s price continues to slip lower, despite the lack of active selling by miners.
Over a week after the fourth halving of Bitcoin (BTC), the value of the cryptocurrency continues to decline.
On Monday, during the mid-London session, Bitcoin’s price was around $62,300, marking an 11 percent decrease over the past four weeks.
The total Bitcoin mining hash rate was approximately 560 Exahashes/s, indicating that most miners have upgraded their rigs to cope with the increasing difficulty.
Entire Block Solutions by Bitcoin Miners
The phenomenon of Bitcoin miners solving entire blocks traces back to the inception of the cryptocurrency over a decade ago.
The fourth Bitcoin halving occurred at block 840,000 on April 20, 2024, causing the mining difficulty to increase by over 2 trillion to roughly 88.1T.
However, several Bitcoin miners have managed to earn the entire block reward and fees.
For example, Binance Pool mined four complete Bitcoin blocks individually, earning a reward of 3.125 coins, in the last 24 hours.
Binance Pool, with a total hash rate of about 21.8 Exahashes/s, has earned a total of 128,159 Bitcoins since its inception.
AntPool, with a total hash rate of about 131.5 Exahashes/s, has also managed to mine several Bitcoin blocks individually in the past day.
Bitcoin miner ViaBTC, with a total hash rate of about 61 EH/s, successfully solved eight Bitcoin blocks in the past day.
Individual Miners Making a Mark
In the face of increased involvement of institutional investors in the Bitcoin mining industry, individual miners have also stepped up to protect the network.
For instance, Bitcoin block 841286, with a total reward of 3.43 BTC, was entirely mined by an individual miner.
The miner, known as Solo CK, has a total hash rate of about 4.4 EH/s and has earned a total of 5,460 coins to date.
Despite the increased demand from institutional investors and retail traders globally, Bitcoin’s price has continued to decline over the past two weeks, along with its dominance in the crypto market.
However, there is a silver lining for Bitcoin bulls as miners have not been actively selling their rewards, increasing the chances of a rebound at the $60K level.
If the $60K support level fails, the Bitcoin price could drop to as low as $53K to regain bullish momentum.
