A recent case in the Bitcoin mining community marked a solo miner's success in mining block 903883, earning 3.173 BTC, equivalent to $349,028. This success raises important questions about the competition between individual miners and major pools.
Achievement of the Solo Miner
A solo miner utilizing 2.3 petahashes per second managed to solve a block and reap the rewards. According to Cointelegraph, this event has a probability of 1 in 2,800 per day, amounting to roughly once every eight years. This indicates that the achievements of individual miners are becoming statistical anomalies.
Significance of the Success for Bitcoin Mining
Despite the high industrialization, such successes demonstrate that individual miners can still compete. According to Cointelegraph's analysis, over 95% of Bitcoin's hashrate belongs to mining pools. Individual miners face enormous challenges, and to mine one block monthly, they would need about 166,500 terahashes per second.
Industry Impact and Changing Mining Landscape
The persistently growing network difficulty and declining miner profitability highlights the importance of such events. Modern technologies, such as cloud mining, provide new opportunities. Despite the dominance of large operations, recent successes show that individual actors can still compete.
The solo miner's success with a $349,028 reward underscores the opportunity for individual participants to find their path in the challenging world of Bitcoin mining, despite existing difficulties.
