An independent Bitcoin miner successfully processed a block and received a reward of $200,000. This was achieved by a miner from Solo CK Pool, a unique mining pool that differs from traditional pools.
Independent Miner's Success
According to data from Bitcoin block explorer Mempool Space, the miner processed block number 858,978 on August 29. The block contained 2,391 transactions, and the miner received 3.27 Bitcoin worth $199,094 at current prices.
Statistics and Facts
The miner used a hashrate of 456 PH, which is approximately 0.012% of the average network hashrate of 665 EH/s. On July 23, the network's hashrate reached an all-time high of 754 EH/s. Despite its name, Solo CK Pool combines the hashrate of small miners, but the reward only goes to the miner who solves the block. Last year, Solo CK miners solved 14 blocks, earning 59.3 Bitcoin, equivalent to $3.5 million at current prices.
Rare Success of Solo Miners
Due to the importance of large mining companies with significant hashrate power, such as Riot Blockchain and Marathon Digital, it is rare for solo miners to successfully validate a block. Out of approximately 859,000 blocks produced since Bitcoin's inception, solo miners have only successfully processed around 290. In March 2023, a solo miner won the entire 6.25 Bitcoin reward for solving a block, which was approximately $150,000 at that time. The most recent solo-mined block was on July 25, when a solo miner solved block number 853,742, earning a reward of approximately $210,000.
This case demonstrates that despite the low odds, independent miners can achieve significant rewards. It highlights the disparity and chances in Bitcoin mining where large corporations dominate.
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