Diamond In The Rough: Solo Bitcoin Miner Secures $160,000 Block Reward
22 August 2023 - 12:00AM
NEWSBTC
On August 18, a solo miner managed to solve block 803,821, securing
a remarkable 6.25 Bitcoin block reward valued at $160,000. This is
a very rare event as lone miners have a lower chance of mining a
block due to the increase in mining difficulty and this solo miner
became the 277th solo miner in bitcoin’s history to achieve
this. Solo Bitcoin Miner Makes History The solo miner was
able to pull off this remarkable achievement using the Solo CKpool
mining service. The miner identified with the tag
bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6 used an S17 Bitcoin
Miner with a hash power of roughly 1 PetaHash which is way lesser
than most BTC mining entities, as was speculated by Con Kolivas,
the administrator of Solo CKpool. Related Reading: Experts Explain
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Congratulations to miner bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6
with ~1PH of hashrate at solving the 277th solo block at
https://t.co/UWgBvLkDqc! A miner of this size would only solve a
block solo on average once every 7 years at current
diffhttps://t.co/cNgm1KUqvw — Dr. Con Kolivas (@ckpooldev) August
19, 2023 Perhaps the most interesting thing about this development
is that the miner achieved this remarkable reward when mining
difficulty was almost at an all-time high of 52.39. Normally,
mining Bitcoin with just 1 PetaHash seems impossible compared to
other BTC solo miners that were able to pull this off in the past
who had hash rate capacity in exa-hashes. It is almost impossible
for a solo miner to solve an entire block on their own, due to the
increased popularity of BTC mining and the persistent rise in the
network hash rate and powerful mining equipment. BTC miners
are required to input computational power to solve and add the next
Bitcoin block to the network, which creates a valid block hash
while using the computational power of multiple mining rigs.
However, since the miner was using the Solo CKpool, it allows
miners with outdated or inefficient equipment to pool their mining
power together, increasing their chances of solving a block, which
is what happened here. In their case, this miner was able to retain
98% of the reward. BTC price puts reward for a single block
over $160,000 | Source: BTCUSD on Tradingview.com The miner now
joins two other solo miners who have been able to achieve this
impressive feat in March and June this year using a Solo CKpool and
is the third time this is happening so far in 2023. Rise In
Hashrate Triggers Surge In Mining Difficulty Over the last few
months, the Bitcoin hashrate has been rising rapidly, eventually
hitting an all-time high in July. In response to this, the mining
difficulty surged quickly and touched its own ATH in the same
month. Related Reading: The $200 Million BNB Bridge Exploiter Just
Got Liquidated On Venus By July 8, the Bitcoin mining hashrate was
at 538.05 EH/s and difficulty surged to 53.9112T a few days later
on July 12. However, since then, it has tapered off with hashrate
dropping 26% to 424.76 EH/s and difficulty dropping around 3% to
52.39T. Mining difficulty rises to new ATH | Source: CoinWarz
Nevertheless, both the Bitcoin hashrate and difficulty are
significantly higher compared to the start of 2023, which makes the
solo miner’s achievement even more impressive. However, as hashrate
and difficulty continue to rise, such occurrences are expected to
be fewer as miners with large hashrates dominate the market. In the
end, the winner is the Bitcoin network which becomes stronger for
it with the increased hashrate. It is also beneficial to BTC
investors as a rise in hashrate suggests there is more interest in
the digital asset and this can convert to higher prices for the
cryptocurrency. Featured image from Unsplash, chart from
Tradingview.com
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