On April 28th, a significant event occurred in the realm of Bitcoin mining when a single miner successfully mined a block, receiving the entire block reward and transaction fees, amounting to $218,000.
A Rare Achievement
Using CKpool’s solo Bitcoin mining software, the miner managed to secure a substantial gain of 3,433 BTC, which is valued at approximately $218,544. This impressive accomplishment, reported by Bitcoin explorer Mempool, includes 0.308 BTC from transaction fees worth $19,607, as well as a block reward of 3.125 BTC, totaling $198,937.
The successful miner, identified by the address 365ug…, achieved this feat with a hashrate of around 120 PH/s. This is noteworthy considering the immense computing power of the entire Bitcoin network, which stands at about 638 EH/s. The solo miner’s achievement, estimated to have a probability of around 0.02% or one in five thousand, is recorded as a remarkable event in the mining world.
While such occurrences are relatively rare, they are not unprecedented. In the past, solo miners with significantly lower hashrates have defied seemingly insurmountable odds to claim block rewards. For example, in 2022, a solo miner with a hashrate of only 126 TH/s achieved a similar feat, winning a reward valued at approximately $260,000, despite the odds of one in 1.3 million.
Possible Reasons for Success
CKpool developer Con Kolivas speculated on the potential reasons behind the solo miner’s success, suggesting that the miner may have recently switched from pool mining after the fourth block reward halving in April. Alternatively, the miner could have intermittently mined solo or leased significant computing power independently.
Continued Attraction of Bitcoin Mining
Bitcoin’s fourth block reward halving on April 20th marked a significant milestone in the supply of the largest cryptocurrency, reducing the block reward per mined block from 6.25 BTC to 3.125 BTC. Despite this change, the recent success of the solo miner demonstrates that individuals and organizations dedicated to mining continue to find Bitcoin mining appealing.
A Testimony to Resilience and Creativity
Ultimately, the solo miner’s achievement serves as a testament to the resilience and creativity of participants in the Bitcoin mining ecosystem. As the world of Bitcoin continues to evolve and change, events like this highlight the dynamic nature of cryptocurrency mining and the potential rewards that await those who tackle its challenges with skill and determination.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.
