Bitcoin drops to $58,000Weekly Insights: Solo Miner Strikes Gold, ETF Setbacks, and What’s Next for BitcoinGM. Today’s headlines:
Bitcoin is now trading below $60,000 after sluggish price performance over the past week. The price of $BTC is down nearly 10% in a week of steady declines. Currently down -9.56% versus this same time last week. Figure 1: Bitcoin past week price performance. View Live Chart 🔍 Figure 2: Bitcoin's past 12-month performance. News You Need to Know
The Big StorySolo miner beats the odds to mine block and earn $200,000 in Bitcoin The world of Bitcoin mining is increasingly dominated by the strongest, largest players in the industry. The likes of Marathon Digital, Foundry, and Riot. This means it is increasingly difficult for small independent miners to successfully mine blocks. However, that is precisely what happened on Block 858,978 on the 29th August 2024. Figure 3: A solo miner operating through Solo CK pool mines block 858978. This miner contributed just 0.0054% of the network hashrate. A tiny fraction of the total network hashrate available but was still able to mine the block. In hashes terms, this equates to around 38 peta hashes per second. This would still require the miner to have a substantial mining operation (+100 machines) and likely using newer models of mining equipment. The wider challenges for Bitcoin miners over time can be seen by the Bitcoin Hashrate chart which shows the parabolic increase in hashrate over recent years as the industry becomes increasingly competitive. Figure 4: Bitcoin mining hashrate. Currently, the hashrate is over 600 million TeraHash per second. As of the most recent Bitcoin halving, which occurred on April 24, 2024, the block reward for Bitcoin miners is now just 3.125 BTC per block. This halving event reduced the reward from 6.25 BTC to 3.125 BTC, in line with Bitcoin's protocol, which halves the block reward approximately every four years (or every 210,000 blocks) to control the supply of new bitcoins and make them increasingly scarce over time. Figure 5: Bitcoin block reward. With block rewards lower than they have been historically and hash rates increasing, the Bitcoin mining industry shows no sign of slowing down the process of being one of the most efficient markets in the world where the strongest survive. This makes the recent feat by this relatively small miner all the more impressive. Key ChartEach week, our BM Pro Analysts hand-pick a must-see chart for you. This week: Number of Addresses with Balance Greater Than 1 BTC Figure 6: Bitcoin Addresses with balance > 1 BTC What it is
Why this matters
What's happening now
You can track this metric and other address size holding charts here. The Bitcoin Magazine Pro Team. Bitcoin Magazine ProFor more detailed Bitcoin analysis and to access advanced features like live chats, personalized indicator alerts, and in-depth industry reports, check out Bitcoin Magazine Pro. Make Smarter Decisions About Bitcoin. Join millions of investors who get clarity about Bitcoin using data analytics you can't get anywhere else. We don't just provide data for data's sake, we provide the metrics and tools that really matter. So you get to supercharge your insights, not your workload. Don’t forget to like this post, share it with your network, and leave your thoughts in the comments below. Take the next step in your investing journey:
Invest wisely, stay informed, and let data drive your decisions. Thank you for reading, and here’s to your future success in the Bitcoin market! 🎁 Special Offer: Use Code: BMPRO For 10% OFF All Bitcoin Conference Tickets Disclaimer: This newsletter is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions. We sincerely appreciate your support and hope you found this content valuable. Please leave a like and let us know your thoughts in the comments section; we always welcome feedback from our audience! |
Monday, September 2, 2024
Bitcoin drops to $58,000
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