In a remarkable event, a Solo Bitcoin miner has successfully solved a block on their own, securing a reward of over $182,000. Block 860749, mined on September 10, included 5,935 transactions and resulted in a payout of 3.169 Bitcoin. At the current rate, this amounts to approximately $182,505, according to Bitcoin block explorer Mempool.space.
Solo Bitcoin miners rarely solve blocks due to the significant computational power required. However, it’s not entirely impossible. The reward for Block 860749 went to Solo CK, a mining pool that combines the processing power of smaller miners but rewards only the one who manages to solve the block. In this instance, the successful miner contributed 629 petahashes of processing power, which represents a mere 0.098% of the total power securing the Bitcoin network at the time. The total network power stood at an impressive 644.91 exahashes per second (EH/s), according to data from YCharts.
Hashrate Reaches Record Highs
The Bitcoin network’s overall hashrate, which measures the total computing power used by miners to validate transactions and secure the blockchain, reached an all-time high of 742 EH/s on September 1. This represents a 62% increase from the same time last year when the hashrate was 395.70 EH/s. As the hashrate increases, so do the costs associated with mining, including higher energy consumption and longer transaction times. These factors make it increasingly difficult for solo miners to successfully validate a block.
Despite these challenges, solo miners occasionally strike lucky. Since Bitcoin’s inception in 2009, only 290 blocks out of the total 859,000 have been solved by solo Bitcoin miners. Typically, large mining companies such as Bit Digital, Riot Blockchain, and Marathon Digital dominate the scene, validating the majority of blocks thanks to their vast hash power.
Solo CK Mining Pool’s Recent Successes
Although the Solo CK mining pool operates by combining the power of smaller miners, it has been responsible for solving 14 blocks over the last year, earning 59.3 Bitcoin, which is currently worth $3.4 million. Another miner from Solo CK recently processed a block on August 30, earning nearly $200,000 for their efforts.
Additionally, on July 25, another solo Bitcoin miner from Solo CK managed to solve block 853,742, resulting in a reward of around $210,000. These rare victories highlight the possibility of success for individual miners, even in a field where large players usually dominate.
As the Bitcoin network continues to grow and the hashrate climbs, solo mining remains a challenging endeavor. However, moments like these serve as a reminder that even with minimal processing power, solo Bitcoin miners can still hit the jackpot.
Also Read: Analysts Doubt on Ethereum Making a New All-Time High in 2024
