Bitcoin (BTC) mining difficulty, the average difficulty for mining blocks on a network, rose to a new all-time high of 134.7 trillion on Friday.
Network difficulty reached a previous record high in August, despite forecasts that network difficulty would decrease, and rose steadily throughout the month.
According to Cryptuant, the average total hash count per second from all miners on the network, 967 billion hashs per second, has been reduced to 967 billion hashs per second.
The higher difficulty has created more stringent operating conditions for large mining companies in already competitive industries operating at narrow profit margins.
The need to consume stiffer computing resources to mine blocks on a BTC network has also raised concerns about the centralization of Bitcoin mining, as mining costs gradually become more expensive and leads to dominance by large corporations and mining pools.
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Solo Miners still have hopes for a sea of large institutional players
Despite the increasingly dominating Bitcoin’s mining space by large players, small and solo miners still mine blocks from time to time, claiming a 3.125 BTC block reward, exceeding $344,000 at the time of this writing.
The three solo miners successfully added blocks to their BTC ledgers and violated the odds by claiming block rewards in July and August.
https://www.youtube.com/watch?v=xkvojawp688
The first miners added blocks 903,883 on July 3, to slightly below $350,000 in block grant compensation and priority fees paid by network participants to the miners, making transactions included in the block.
The second solo miner added blocks 907,283 on July 26th, claiming a reward of over $373,000 when calculated using the Bitcoin price at the time.
On August 17, another solo miner mined blocks 910,440, earning $373,000 in block grant rewards and network fees. All three miners were operated via Solo CK Pool, a solo mining pool service.
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