- On August 29, 2024, a solo miner received a reward of 3.275 BTC for mining ‘858,978’ block over the Bitcoin blockchain.
- The validated block ‘858,978’ contained 2,391 transactions weighing 3.99 MWU.
Crypto mining has evolved significantly in the past few years; the surge is fueled by the entry of publicly listed companies with massive processing power. The process of mining cryptocurrencies involves validating the blocks and the creation of new blocks over the blockchain.
A solo Bitcoin miner has made a lot of headlines after mining block number 858,978 on the Bitcoin blockchain. The miner received 3.275 BTC as a prize for solving the block.
At the time of writing, the value of the rewarded BTC was approximately $192.8K.
Block ‘858,978’ contained 2,391 transactions weighing 3.99 MWU. The achievement of a solo miner is being widely admired due to the changing landscape and increasing mining difficulty.
The Math Behind Bitcoin Mining Rewards
For mining every on the Bitcoin blockchain, a miner is rewarded with a specific amount of Bitcoins.
Simply mining a digital asset solves a complex computational problem (solved using mining rigs and heavy-duty processors), validating transactions and adding new blocks to the blockchain.
In its early days, a miner was awarded 50 BTC for mining a block on the Bitcoin blockchain (2009). The first Bitcoin halving lessened the mining reward to 25 BTC; The second halving occurred in 2016, which lowered the reward to 12.5 BTC, followed by the third halving in 2020, which reduced the reward to 6.25 BTC.
Bitcoin underwent its fourth halving in April 2024, which brought the mining to 3.125 BTC; the fifth mining is likely scheduled in 2028.
‘Halving’ in Bitcoin is defined as the process in which the block mining reward is cut in half compared to the previous reward. The event is termed to be crucial to maintain the circulating supply and mining of new Bitcoins.
The event of halving occurs every four years or at 210,000 blocks.
Bitcoin Price Overview
When writing, Bitcoin was trading at $59,220, with a loss of over 10% in the past 30 days; at the same time, its prices are below 20, 50, 100, and 200 days EMA. However, its price grew 40.10% YTD and more than 115% in the past three months.
In the daily time frame, the nearest visible supports of BTC are $56,400 and $52,506, although its identified resistance are $69,006 and $72,900. Several market experts claim that the recent outflow has led to price tumbling in Binance and the BTC spot ETF market.
Crypto Market Price Updates
Until publishing, the cryptocurrency market capitalization was at $2.043 Trillion, with a weekly decline of 2.669%. On the other hand, it lost over 10% in a month and 16.82% half yearly.
The current market cap is below 20, 50, 100, and 200 days EMA (exponential moving average).
In the past seven days, the immutable price grew by 11.25%, reaching $1.47; the growth made the topper of the gainer list, followed by the Akash Network by 8.80%, reaching $2.76.
The weekly gainer list is topped by Notcoin (NOT), which lost 22.22%, reaching $0.008541, followed by Polygon, with a loss of 19.91%, reaching $0.4276.
