A solo Bitcoin miner achieved a uncommon feat on Sunday by efficiently mining block 910,440 and securing a reward of three.137 BTC, valued at roughly $371,000 on the time.
The miner, who participated by way of the Solo CK pool, acquired the usual 3.125 BTC block subsidy plus about 0.012 BTC in transaction charges collected from 4,913 transactions, totaling $1,455 in charges.
Solo mining stays a high-stakes lottery
Regardless of the dominance of large-scale mining operations on the Bitcoin community, smaller miners utilizing environment friendly {hardware} can nonetheless often safe full block rewards.
Samuel Li, chief expertise officer at ASICKey, emphasised that whereas superior mining gear has improved effectivity, the chances are nonetheless daunting. Li defined:
“Solo mining continues to be largely a lottery, until you management tens of PH/s, which is realistically the naked minimal for having a measurable statistical shot at success inside an affordable timeframe.”
Based on Li, a miner working only one petahash (PH/s) of hashpower has a 1 in 650,000 probability of fixing a block each 10 minutes.
Latest solo miner successes
This 12 months has seen a number of solo miners defy the chances and declare vital rewards.
Notable wins embody a solo block mined in February and one other $350,000 reward secured on July 4.
On July 27, a solo miner additionally bagged $373,000 by mining a block independently.
Problem climbs for all miners
The Bitcoin community’s mining issue is now close to all-time highs at 129 trillion, making constant solo wins even much less possible.
The upward pattern in community hashrate and the latest discount in block subsidy following the halving have put further strain on each solo {and professional} miners.
Many massive mining companies are actually diversifying into synthetic intelligence and high-performance computing to maintain profitability as competitors intensifies.