Bitcoin

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A solo Bitcoin miner has recently defied the odds and successfully processed a Bitcoin block, earning nearly $200,000 for their efforts. The miner, associated with the Solo CK Pool, solved block number 858,978 at 4:21 pm UTC, as per <a href="https://mempool.space/block/000000000000000000016ccd32328638865256249e592246bfae8af4031dda01" rel="noopener noreferrer nofollow">data</a> from the Bitcoin block explorer Mempool.space. This block contained a total of 2,391 transactions, and the miner received 3.27 BTC, valued at approximately $199,094 at the current market rate.
<h2 id="span-style-font-weight-400-a-surprising-event-span">A Surprising Event</h2>
What makes this achievement particularly noteworthy is the sheer improbability of a <a href="https://thecoinrise.com/bitcoin-miner-hits-it-big-with-3-125-btc-reward/" rel="noopener noreferrer nofollow">solo bitcoin miner accomplishing such a feat</a>. The miner was utilizing 456 PH/s of hashrate when the block was solved, a mere fraction—approximately 0.012%—of the current average network hashrate, which stands at 665 EH/s. To put it into perspective, Bitcoin’s hashrate hit an all-time high of 754 EH/s on July 23, <a href="https://bitinfocharts.com/comparison/bitcoin-hashrate.html#3y" rel="noopener noreferrer nofollow">according</a> to BitInfoCharts.
Solo CK Pool, the entity behind this mining operation, operates differently from typical mining pools. While it combines the hashrate of smaller miners, it only rewards the miner who actually solves the block. Over the past year, Solo CK Pool has seen its miners solve 14 Bitcoin blocks, collectively earning 59.3 BTC, which translates to around $3.5 million at current prices.
<h2 id="span-style-font-weight-400-bitcoin-miner-giants-dominating-the-sector-span">Bitcoin Miner Giants Dominating the Sector</h2>
The dominance of large mining companies such as Riot Blockchain and <a href="https://thecoinrise.com/bitcoin-miners-july-btc-production-snapshot-marathon-leads-the-pack/" rel="noopener noreferrer nofollow">Marathon Digital</a>, which wield enormous hashrate power, makes it increasingly rare for solo miners to successfully validate a block. In fact, solo miners have only managed to process around 290 blocks out of the 859,000 produced since Bitcoin’s inception 14 years ago.
This latest victory for a solo bitcoin miner is reminiscent of a similar occurrence in March 2023, when a solo miner successfully solved 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. More recently, on July 25, another solo miner <a href="https://mempool.space/block/00000000000000000000f0235e50becc0b3bc91231e236f67736d64b1813704b" rel="noopener noreferrer nofollow">solved</a> block 853,742, netting a reward of around $210,000.
Such successes are rare but serve as a reminder of the unpredictability and potential rewards within the Bitcoin mining ecosystem. For solo miners, hitting the jackpot may be unlikely, but when it happens, the payoff is substantial.
The post <a href="https://thecoinrise.com/solo-bitcoin-miner-defies-odds-nets-200k-in-rare-block-win/" rel="noopener noreferrer nofollow">Solo Bitcoin Miner Defies Odds, Nets $200K in Rare Block Win</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Solo Bitcoin Miner Defies Odds, Nets $200K in Rare Block Win

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