Solo Bitcoin Miner Snags $200,000 Block Reward, How Did They Do It?
A solo Bitcoin miner has struck gold after successfully claiming a $200,000 block reward. The considerable achievement has captured the attention of fellow miners and crypto enthusiasts, highlighting the potential for lone miners to effectively compete with larger mining operations
Lone Bitcoin Miner Hits Jackpot
On October 28, a software engineer of Bitcoin CGMiner and an admin of Solo Ckpool, Dr. Con Kolivas congratulated a lone Bitcoin miner in an X (formerly Twitter) post for accomplishing a rare milestone by solving the 278th solo block at Solo Ckpool.
The lucky miner used 11 PH/s of hash power to discover block 814,308 and claimed a $200,000 (6.25 BTC) block reward.
“Congratulations to miner 3KCykmdpBpNKTtZJAvp3u2N2EQjGzbUF7c with ~11PH for solving the 278th solo block on solo.ckpool,” Dr. Kolivas stated.
Presently, large-scale mining operations and pools are dominating the Bitcoin mining industry. When blocks are discovered, these mining companies often share the rewards. In contrast, mining pools like Solo Ckpool offer lone miners a higher level of independence allowing them to earn almost all rewards when they discover a block.
This recent solo mining achievement has not been the only accomplishment this year. In August, a solo Bitcoin miner solved block 803,821, claiming 6.25 BTC worth $160,000. Multiple solo miners have also discovered substantial blocks and reaped significant rewards in the last few months.
The lure of solo mining pools is growing as many miners are looking to increase their chances of earning large rewards while reclaiming a sense of independence in the competitive Bitcoin mining market.
BTC Mining Hashrate On The Rise
Bitcoin Hashrate has continued to increase following the recent surge in the value of BTC. Earlier on October 12, the hash rate saw an alarming increase to 456 exahash per second (EH/s). Following this increase, the hash rate stabilized slightly dropping down to 443 EH/s sometime on October 28.
Despite the increased level of mining difficulties, hash rates are rising. Bitcoin hash rate is slightly back up today to 452.63 EH/s with an estimated difficulty adjustment of 12.78% and network difficulty of 62.46T. The average block time for mining is also approximately 8 minutes and 52 seconds.
In the past month, mining hash prices fell to significant lows, depicting the possibility of chain validators experiencing higher mining difficulties and pressure. Now, hash rates are on the rise and Bitcoin miners are taking advantage of these opportunities to increase their earnings.
Filed under: Bitcoin - @ October 30, 2023 7:00 pm