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Solo Miner Wins $200K Bitcoin Jackpot with Tiny Hashrate
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Operating as part of the Solo CK pool, this miner processed block number 858,978 at precisely 4:21 pm UTC, according to data from the Bitcoin block explorer Mempool.space.
This remarkable achievement came despite the miner’s use of only 456 petahashes, a fraction compared to the average network hashrate, which is currently around 665 exahashes per second (EH/s).
Solo CK Miner Hits Big with Just 0.012% of Network Hashrate
The Solo CK pool was operating at just 0.012% of the average network hashrate when the block was solved. This is an extraordinary feat given that Bitcoin’s hashrate recently peaked at an all-time high of 754 EH/s on July 23rd, according to BitInfoCharts.
The block mined by the Solo CK pool contained 2,391 transactions and rewarded the miner with 3.27 Bitcoin. At current prices, this amounts to $199,094, marking a significant payday for the lucky solo miner. This success story highlights the unpredictable nature of Bitcoin mining, where even a small fraction of hashrate can sometimes yield substantial rewards.
Solo Mining Rarely Pays Off: A Milestone Achievement in Bitcoin Mining
Solo mining, where individual miners or small pools attempt to solve Bitcoin blocks independently, is a rare occurrence. This rarity is due to the dominance of large mining operations such as Riot Blockchain and Marathon Digital. These large firms control vast amounts of hash power, making it exceedingly difficult for solo miners to compete. Successful solo mining has occurred only about 290 times out of 859,000 blocks since Bitcoin’s inception.
Over the past year, the Solo CK pool has solved 14 Bitcoin blocks. This achievement has earned them a total of 59.3 Bitcoin, valued at $3.5 million at current prices. This impressive record underscores the pool’s capability and the inherent risk-reward dynamics of solo mining.
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August 30, 2024 at 05:07AM
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