Solo Bitcoin Miner Strikes Gold, Nets Almost $350,000 from Single Block

A solo Bitcoin miner has defied extraordinary odds, efficiently mining a whole block and incomes just below $350,000 in Bitcoin rewards.

Key Takeaways:

• A solo miner beat 1-in-2,800 each day odds to mine a Bitcoin block and earned practically $350,000.
• The miner’s modest 2.3 PH/s setup reveals small operators can nonetheless strike it massive regardless of low odds.
• Industrial miners scaled again output in June, highlighting contrasting fortunes with solo successes.

The miner, working via the CKpool solo mining pool, used a rig producing 2.3 petahashes per second (PH/s) to unravel block 903883, based on mining knowledge from Mempool Area.

Bitcoin historian Pete Rizzo identified the rarity of the occasion, calling it a exceptional feat.

Solo Miner Faces 1-in-2,800 Each day Odds to Remedy a Bitcoin Block

The CKpool administrator defined {that a} miner working at 2.3 PH/s has solely a couple of 1 in 2,800 probability of fixing a block on any given day, or roughly one success each eight years on common.

At present community problem, that’s only a 0.004% probability per day.

The solo miner’s block yield included a reward of three.173 BTC, valued at roughly $349,028 on the time.

Whereas the miner’s precise {hardware} setup stays unclear, specialists consider it seemingly concerned a number of older-generation ASIC rigs mixed to achieve the modest hashrate of two.3 PH/s.

In contrast, smaller hobbyist machines like Bitaxe or USB-based NerdMiner models produce solely terahashes or kilohashes per second, making their probabilities of hitting a full block successfully negligible.

For solo miners aiming to mine a block each month, an estimated 166,000 terahashes per second, equal to about 500 Antminer S21 Hydro machines, can be required, a setup costing thousands and thousands of {dollars}.

But the newest fortunate miner’s success proves that, in solo mining, likelihood can generally favor even modest operators.

The win follows related solo miner victories earlier this yr. In February, a solo miner hit block 883,181 for over $300,000 in rewards, and one other solo miner mined block 899,826 in early June, incomes roughly $330,000.

In the meantime, main industrial Bitcoin mining corporations equivalent to Riot Platforms, Cipher Mining, and MARA Holdings reported decrease output in June.

The businesses scaled again operations in Texas to sidestep peak demand fees throughout the state’s costly summer season electrical energy intervals.

Chinese language Roots Nonetheless Dominate World Bitcoin Mining

As reported, over half of the world’s Bitcoin mining operations nonetheless hint their origins to China, with 55% to 65% of mining linked to Chinese language capital, {hardware}, or experience, based on Uminers CEO Batyr Hydyrov.

Regardless of China’s 2021 mining ban, key Chinese language gamers have maintained affect by relocating operations abroad.

Main Chinese language producers Bitmain, Canaan, and MicroBT, answerable for 99% of Bitcoin mining {hardware}, have shifted manufacturing to the U.S. to keep away from tariffs, serving to increase America’s share of Bitcoin’s complete hashrate from 4% in 2019 to 38% immediately.

Hydyrov added that former Chinese language miners have usually elevated capability after shifting overseas, with some increasing by as much as 150%, and famous that restricted mining nonetheless persists inside China’s distant areas the place enforcement is lax.

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