In a remarkable event for Bitcoin mining, an individual miner recently processed a block on the Bitcoin network, earning a total reward of 3.329 Bitcoin, valued at approximately $222,438. This occurred despite the increasing difficulty of mining, which has seen many large operations dominate the sector by running extensive setups. On October 24, 2024, the successful miner processed a block containing 3,285 transactions at 4:18 AM ET. The Bitcoin network's difficulty has risen sharply due to factors like its recent halving event in April, which reduced the block reward from 6.25 to 3.125 Bitcoin. These halvings occur every four years and make mining progressively harder while reducing the mining rewards. Yet, as the value of Bitcoin continues to rise, individual miners still occasionally strike it lucky and gain significant rewards. Notably, the Bitcoin price has surged dramatically since the first halving in 2012, showcasing the cryptocurrency's historical growth.

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