A solo miner was responsible for Bitcoin block number 818,588, which was mined last Sunday afternoon (26). As a reward, he received 6.74 bitcoins, approximately 1.23 million in direct conversion.
Before him, another solo miner had received a similar reward in late October. By 2023, only 12 blocks have been mined by these miners, who prefer to rely on luck rather than stable income.
About 144 Bitcoin blocks are mined per day, bringing the number to over 52,000 blocks per year. The sector is dominated by large mining companies, many of which are listed on US and Canadian stock exchanges.
Solo Bitcoin Miner Beats Billion-Dollar Industry to Win R$1.23 Million Prize
According to Dr. Con Kolivas, responsible for the pool that allows miners to work individually, the miner in question was large, but had little chance of finding a block alone. However, the effort was worth it.
“I assume this big miner was thinking about risking mining with a 1 in 5 chance of only finding a block before the halving, rather than relying on the steady income from regular pool mining.”
Kolivas then reveals that the equipment used had only 200 TH/s. However, it highlights that the miner’s action was greater, reaching 2 PH/s. Asked about the cost of setting up a farm with this computing power, he revealed that the minimum value is US$30,000 (R$147,000).
“Congratulations to miner 15VYcd…Q2XMJW with 2PH for solving the 279th solo block on CKPool! A miner of this size would only solve a block once every five years on average.”
Congratulations to miner 15VYcdhWXB2tpKmFHKT9DcGLWDQJQ2XMJW with 2PH for solving the 279th solo block at https://t.co/UWgBvLkDqc!
A miner of this size would only solve a block once every five years on average. https://t.co/KHcAVn8rM9 pic.twitter.com/0Cwm9f3Znb—Dr. Con Kolivas (@ckpooldev) November 26, 2023
Bitcoin’s hash rate continues to grow even with a halving on the radar
Data from YCharts shows that Bitcoin’s hash rate reached 546 million TH/s last week, breaking another record for the network. The reason may be related to the expansion of large mining companies as the price of BTC gives them a better profit margin.
However, miners can enjoy the last few months before their income drops. The network will undergo a halving in mid-April, causing the reward to drop from 6.25 BTC to just 3.125 BTC per block.
Either way, solo miners will continue to challenge these multi-billion dollar companies and, with any luck, continue to take home massive prizes.
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.
