Solo Miner Strikes Gold: Defies Odds to Net $183,000 Block Reward

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As an analyst who has witnessed the evolution of cryptocurrencies over the past decade, I must admit that this solo Bitcoin miner’s accomplishment is nothing short of extraordinary. In a world dominated by massive mining pools and industrial-scale operations, it’s refreshing to see an individual defy the odds and reap such a substantial reward.

A solo Bitcoin miner has managed to successfully find Bitcoin block 860749 to reap a substantial $183,000 reward, beating major mining pools on the cryptocurrency’s network to do so, at a time in which hashrate is reaching new highs.

The achievement is remarkable given that on the Bitcoin network most miners use what are known as pools to increase their chances of finding a block and receive the block reward, which is currently at 3.125 BTC, as well as the transaction fees included in it.

Mining pools combine the efforts and assets of multiple miners, splitting the discovered rewards among them. In contrast, a lone miner overcame the statistical challenges by outperforming these mining pools and large-scale mining operations.

While solo miners are at a disadvantage, new solo mining equipment offering significant hashrate – the computing power used to secure the Bitcoin network – has helped miners maintain their operations without resorting to pools.

Given the reported hashrate of 500 gigahashes per second (GH/s) by mining rigs like BitAxe, as stated by CoinDesk, online calculators indicate that a solo Bitcoin miner stands approximately a 1 in 1.26 billion chance of discovering a block. This equates to about 1 in 8.75 million chances per day.

The calculator estimates that a solo Bitcoin miner with a 500 GH/s operation would be finding a block once every 23,980 years. Putting into perspective the largest mining pools, Foundry USA and Antpool, have 202.8 exahashes per second (EH/s) and 160.3 EH/s of mining power, with an exahash being one billion times greater than a gigahash.

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2024-09-11 07:19