Bitcoin mining difficulty continues to rise amid market instability. Recent data indicates that small miners also have opportunities to compete successfully.
Mining Difficulty Reaches Record
Bitcoin mining difficulty has surged to a record high of 134.7 trillion computations, even as the network hash rate has begun to decline. This metric measures how hard it is for miners to add new blocks to the blockchain. Amid the rise in difficulty, the hash rate has dropped to 967 billion hashes per second after hitting a peak of 1 trillion hashes earlier last month.
Small Miners Achieve Success
Despite the dominance of large firms in the mining space, small and private miners continue to achieve notable success, occasionally claiming significant block rewards. For instance, three solo miners successfully updated blocks in the system, earning 3.125 BTC, valued at over $344,000 at current market rates.
Current State of the Bitcoin Market
As of this writing, Bitcoin is trading at $111,100, down about 1.6% from its Friday high of $113,000. These fluctuations occurred following the release of US employment data, which triggered market volatility.
The rise in mining difficulty and current market changes highlight the complexity of the situation in the industry. Small miners continue to vie for their share while large companies increasingly dominate this highly competitive space.
