An independent miner achieved a remarkable feat by processing a Bitcoin block and securing a reward of $200,000. The miner from Solo CK Pool successfully processed block number 858,978, which included 2,391 transactions.
Solo CK Pool Triumphs
The miner was from the unique Solo CK Pool, which operates differently from typical mining pools. According to Mempool, the Solo CK miner solved the block with a hashrate of 456 PH, amounting to merely 0.012% of the average network hashrate of 665 EH/s. Despite small individual contributions, Solo CK Pool combines the hashrates of smaller miners, but rewards solely the block solver. Last year, the Solo CK miner solved 14 Bitcoin blocks, accumulating a total of 59.3 Bitcoin, equivalent to $3.5 million at current prices.
Scarcity of Solo Miner Success
Due to the dominance of large mining companies like Riot Blockchain and Marathon Digital, solo miners rarely manage to validate a block. Historically, solo miners have succeeded in only about 290 instances out of the 859,000 blocks mined since Bitcoin’s inception 14 years ago. In March 2023, a solo miner won the full 6.25 Bitcoin reward for solving a block, which was worth around $150,000 at the time. The most recent solo-mined block was on July 25, where the miner earned approximately $210,000 for solving block number 853,742.
Key Takeaways for Aspiring Miners
* Solo mining success is extremely rare, occurring in only 290 out of 859,000 blocks. * Solo CK Pool supports small miners by combining hashrates but rewards only the block solver. * Recent solo mining rewards have surpassed $200,000, highlighting lucrative potential. * Miners must consider current network hashrates and compare them with their own to gauge feasibility.
Despite the infrequency of solo mining success, the potential rewards can be substantial. For small-scale miners, joining pools like Solo CK Pool can provide an opportunity to compete in the highly competitive Bitcoin mining landscape.
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