Solo Bitcoin Miner Strikes Gold With Tiny Hashrate and Big Payoff, Earning $200K in BTC

• A solo Bitcoin miner hit the block reward jackpot after processing an entire block alone, netting 3.275.
• The solo miner had mined 14 blocks in the last ten months.
• Over the past 14 years of BTC existence, only 290 individuals have managed to mine the entire BTC block.

Against all odds, a solo Bitcoin miner has struck gold, single-handedly mining  a full BTC block to claim a 3.125 BTC block reward, plus additional transaction fees totaling approximately $200,000 in BTC.

Bitcoin Miner Hits Jackpot

It’s a rare feat for a solo Bitcoin miner to strike gold, securing an entire block reward on their own.

This is primarily because of the Bitcoin network’s high mining difficulty and cutthroat competition among mining farms, so much so that most individual miners prefer mining pools over mining individually.

According to on-chain data, the solo miner processed the 858,978th block containing 2,391 transactions at 4:21 pm UTC.

The low hash rate was the most significant factor in favor of the solo miner. The miner used a mere 456PH/s (Peta hash per second), 0.012% of the average hash rate of 661 EH/s (exahash per second) requirement to mine the BTC block. 

A closer examination of the miner’s portfolio reveals a staggering 14 Bitcoin blocks mined over the past ten months, with a cumulative haul of 59.3 BTC in block rewards – worth a whopping $3.5 million.

The solo miner is part of the Solo CK mining pool, a collective where small-scale miners combine their hash rates to take a stab at mining the next BTC block. Unlike other pools, the block reward is awarded solely to the miner who solves the block.

Mining A Single BTC Block In 2024 Is A Rare Feat

The rarity of solo mining a single block of Bitcoin in 2024 is evident in the numbers.

Out of the 859,000 blocks mined to date, a mere 290 were solved by solo miners over the past decade.

This stark reality is a far cry from the original vision of Bitcoin’s creator, Satoshi Nakamoto.

Satoshi Nakamoto’s vision for Bitcoin was rooted in democratic ideals, allowing individuals to participate in the network’s operations.

He envisioned a decentralized network where anyone could set up a node and verify blocks of transactions using a mining machine, democratizing the validation process and dispersing power away from centralized authorities.

However, as Bitcoin’s value skyrocketed, mining transformed into a lucrative business.

Large corporations and companies began setting up multiple mining rigs, driving up the network’s hashing power and exponentially increasing the network’s difficulty.

This commercialization of Bitcoin mining has made it significantly harder for individuals to mine a single block independently, as the mining difficulty is a dynamic framework that adjusts the required hash power to maintain a constant 10-minute block production time.

About the Author

Prashant Jha

Prashant Jha is a crypto-journalist focused on the US and UK markets, his interests lie in blockchain technology and crypto adoption across emerging economies.

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