Solo Bitcoin Miner with only 10 TH/s beating market giants – Is there a profitable market for small miners?
The results of a solo miner earning an entire block show the probabilistic nature of the Bitcoin network despite its intense mining difficulty.
The Bitcoin mining difficulty stands at around 37,590,453,655,497 and the total hash rate is about 293.94 Exahashes/s.
As Bitcoin price rallied toward $23K last week, the community was surprised by a solo Btc miner that managed to earn almost an entire block reward of about 6.25 coins. According to onchain data, a solo Bitcoin miner with a total hash rate of about 10 TH/ s earned approximately 98 percent of block 772,793 rewards on Friday. The remaining 2 percent went to Solo CK Pool, an online mining service that facilitates individual mining.
The rare and remarkable event happened amid whale Bitcoin miners like Foundry USA, AntPool, Binance Pool, and F2Pool with a hashrate percentage of about 33 percent, 19 percent, 13 percent and 12 percent respectively. As such, analysts believe the rare occasion can only be attributed to mere luck. A keen Bitcoin miner developer noted.
A miner of this size should only find a block solo about once every 500 years at the current bitcoin difficulty, making this a once-in-a-lifetime lucky event for them,
The results of a solo miner earning an entire block show the probabilistic nature of the Bitcoin network despite its intense mining difficulty.
Congratulations to miner 1CEmkQkgiCMx6DHSDkHi53mL8oEthCZSw with only 10TH who solved a solo block at https://t.co/UWgBvLkDqc ! https://t.co/0O7A7KR4eu
— Dr. Con Kolivas (@ckpooldev) January 20, 2023
More Surprises in Bitcoin Mining Industry
Notably, similar events can be singled out in the past, where a single miner earned almost the entire block reward. For instance, a solo miner with a total hash rate of about 8.3 TH/s managed to earn an entire block reward last year. Such events do not compromise the overall Bitcoin security as more single miners enter the market. the Bitcoin mining developer noted.
To be clear, this is not a sentinel event, there is nothing wrong with proof of work, bitcoin is not broken, and my solo mining service doesn’t have a back door to solve blocks faster. With enough miners mining, someone eventually solves a block, and it can be a miner of any size,
The Bitcoin mining difficulty stands at around 37,590,453,655,497 and the total hash rate is about 293.94 Exahashes/s. A solo Bitcoin miner with about 10TH/a makes a small contribution to the network compared to whale miners with thousands of mining rigs.
Interestingly, Bitcoin miners are bearish on the asset’s price despite a rally above $23k. According to onchain data, Bitcoin miners have been observed to liquidate almost their entire Btc bags after successfully solving blocks. Such behavior from Bitcoin miners is mostly followed by price corrections as well as pressure increases.
As such, an imminent Bitcoin correction is looming from both a technical and fundamental standpoint.
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Filed under: Bitcoin - @ January 23, 2023 6:20 pm