A solo miner received a reward of 6.21 bitcoins last Saturday (28), becoming an instant millionaire. With a computing power of only 11 PetaHash per second (PH/s), his chances were slim, but they were enough to mine a block and win the prize alone.
Anonymous, the miner was the eleventh to solve a Bitcoin block alone in 2023. Before him, another lucky miner received a similar reward in August at just 1 PH/s. According to Dr. Con Kolivas, this means that he would encounter a blockage every seven years.
Based on this calculation, the lucky new miner was given a chance every six months. In other words, he preferred to take risks rather than use a common pool, in which he would receive small fractions of Bitcoin at a time.
11th solo miner to solve Bitcoin block in 2023
The year 2023 started off busy. In the first quarter, six solo miners found Bitcoin blocks, but the average fell in subsequent months after a hiatus in April, July and September. Anyway, a lucky new miner entered the statistics this Saturday (28), being the 11th to mine a block alone this year.
While this practice was common in Bitcoin’s early years, it became risky as mining became a global multi-billion dollar industry. In addition to the major mining companies listed on American stock exchanges, even countries such as El Salvador and Bhutan, for example, already mine bitcoin.
Returning to the happy miner, the announcement was made by Dr. Con Kolivas, responsible for CKPool. Although these solo miners also use a pool, their rewards are not shared with other participants, as is often the case with other pools.
“Congratulations to miner 3KCykmdpBpNKTtZJAvp3u2N2EQjGzbUF7c who solved the 278th solo block on CKPool with ~11PH.”
Congratulations to miner 3KCykmdpBpNKTtZJAvp3u2N2EQjGzbUF7c with ~11PH for solving the 278th solo block at https://t.co/UWgBvLkDqchttps://t.co/tsNwRwywKD pic.twitter.com/DAuZaC5rjD
—Dr. Con Kolivas (@ckpooldev) October 29, 2023
As a reward, the address received 6.21 bitcoins (R$1.08 million), becoming the world’s new millionaire.
As for the equipment used by the miner, Kolivas believes that the new millionaire does not have a small mining farm, but rents computing power from another larger miner.
“With this hashrate it is almost certainly a rented hash”, Kolivas added on his social networks. This practice is famous on platforms like NiceHash, which act as a hash market.
For comparison, 55 PH/s would be equivalent to 55 Bitmain S21 ASICs, which are currently considered the best on the market.
According to Bitmain’s own website, each unit retails for $7,000, meaning it would be a total investment of $385,000 (R1.9 million).
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
