Solo Miner Beats the Odds, Bags $180K Bitcoin Block Reward

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As a seasoned analyst with years of experience in the cryptocurrency market, I find this story of the independent Bitcoin miner intriguing. The odds of an individual miner solving a block are like winning a lottery, but it’s these rare occurrences that keep us captivated by the unpredictable nature of this digital gold rush.

As a crypto investor, I recently struck gold when I independently mined Block 860749 on September 10. This block contained a whopping 5,935 transactions and netted me an impressive 3.169 Bitcoins. At the time, each Bitcoin was worth approximately $182,505, totaling around $182,505 in earnings from this single block. According to Mempool.space, the mining pool responsible for this achievement was Solo CK.

Mining blocks on your own (solo mining) is rare because it demands a tremendous amount of computational power (hashrate), but it’s not entirely out of reach. A setup like Solo CK functions as a collective network where miners pool their individual hashrate to boost their probability of finding a block solution. Typically, the reward from a solved block is shared among all contributors according to their involvement. However, in Solo CK, the prize goes solely to the miner who solves the block, despite being part of the larger group of miners contributing to the pool.

CRYPTO YOU CAN MINE FROM A HOME COMPUTER IN 2024

Here, the miner managed to mine a block using 629 petahashes of computational power, which equates to less than one percent (0.098%) of the overall network’s strength. The total network power was estimated at approximately 644.91 exahashes per second (EH/s), based on data from Bitcoin tracker YCharts.

Ever since Bitcoin was introduced in 2009, individual miners have managed to verify only around 290 out of the approximately 859,000 blocks that have been mined so far. Instead, it’s primarily large mining corporations such as Bit Digital, Riot Blockchain, and Marathon Digital who possess greater computational power (hash rate) and validate most of these blocks.

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2024-09-13 15:24