A solo Bitcoin miner recently surprised the community by successfully processing block 858,978 and earning nearly $200,000. The miner was associated with Solo CK Pool.
A Surprising Event
This solo miner's success is particularly noteworthy due to its incredible odds. The miner used 456 PH/s of hashrate, only 0.012% of the current average network hashrate of 665 EH/s. For comparison, Bitcoin's hashrate hit an all-time high of 754 EH/s on July 23.
Dominance of Major Mining Companies
Large mining companies such as Riot Blockchain and Marathon Digital dominate the sector with enormous hashrate power. This makes it increasingly rare for solo miners to succeed. Solo miners have processed around 290 blocks out of the 859,000 produced in the last 14 years.
Rare Successes of Solo Miners
This event is reminiscent of a similar occurrence in March 2023, when another solo miner successfully processed a block and claimed the entire 6.25 BTC reward. At that time, the value of Bitcoin was lower, making the reward worth approximately $150,000.
Successes of solo miners are rare but serve as a reminder of the unpredictability and potential rewards within the Bitcoin ecosystem. For solo miners, the odds of success are slim, but when it happens, the payoff is substantial.
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