- Challenges for Miners and Solo Achievements
- Success of Solo CK Pool
- Market Situation and Current Challenges
A solo miner earned $199,101 by successfully mining Bitcoin block 858,978 on August 29. The block contained 2,391 transactions, and the reward for processing was 3.27 BTC.
Challenges for Miners and Solo Achievements
While Bitcoin miners are facing difficulties in maintaining profitability following the April 19 halving, a solo miner has managed to successfully process Bitcoin block 858,978 and net nearly $200,000. The block, processed at 4:21 PM UTC on August 29, included 2,391 transactions and yielded a reward of 3.27 BTC, valued at around $199,101.
Success of Solo CK Pool
Despite having a relatively low hashrate of 456 PH/s, the lucky miner, linked with the Solo CK Pool, managed to process this block. The Solo CK Pool is a unique solo mining pool that operates differently from regular mining pools. Additionally, the network hashrate entirety was only about 665 EH/s; therefore, this individual effort is more noteworthy. The Solo CK Pool benefits smaller miners by pooling their efforts and crediting them for their contributions. In this way, even miners with limited processing capability can participate in mining and share in the profits. The pool has mined about 14 blocks and collected 59.3 BTC, roughly $3.5 million at the current prices in the past year.
Market Situation and Current Challenges
Solo mining remains a rare achievement, with solo miners having processed blocks only around 290 times in Bitcoin’s history. The last such case occurred on July 25, when another solo miner processed block 853,742. Recently, Bitcoin has been struggling to break the key resistance level of $62,000. At the time of writing, BTC traded at $59,385, which is a drop of over 4% from the previous day’s high of $61,184.
This instance highlights the significance of smaller miners and their ability to succeed even in a highly competitive environment with high hashrates. Despite market fluctuations, miners continue to find ways to achieve success.
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