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Solo Bitcoin Miner Finds Success with Block Reward Win

Apr 29, 2024

A single Bitcoin miner successfully completed the mining process for a block and received the entire reward, including the subsidy and transaction fees. The total value of the rewards was 3.433 BTC, which is equal to $218,544. This consisted of 3.125 BTC from the block subsidy rewards and 0.308 BTC from transaction fees.

The miner chose to use solo mining software from CKpool, despite the challenging odds. With a hash rate of 120 PH/s compared to the total network's 638 EH/s, the chances of this individual miner solving the block were only 0.02%.

While it is uncommon, there have been previous instances where solo miners have claimed full block rewards despite the odds. For example, in 2022, a miner with a hash rate of 126 TH/s beat odds of 1 in 1.3 million to earn around $260,000 in rewards from a block.

Following Bitcoin's fourth halving event on April 20, which reduced block subsidy rewards from 6.25 BTC to 3.125 BTC, this miner may have chosen to switch from pooled mining to solo mining. This decision could have been influenced by the need to cover electricity costs or the availability of resources for solo mining endeavors.

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