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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Sep 11, 2024 05:42 UTC
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Solo Bitcoin Miner Wins Rare $180,000 Block Reward as Hashrate Peaks
A solo Bitcoin miner defied the odds by securing a block reward worth $180,000, a rare feat in the competitive mining landscape.
With increasing difficulty and competition from larger mining pools, solo miners face long odds of winning blocks.
Despite the challenges, solo miners occasionally achieve significant rewards, proving that persistence can pay off.
In a standout achievement, a solo Bitcoin miner has secured a full Bitcoin block reward worth $180,000. In the competitive world of Bitcoin mining, where large mining pools usually dominate, this solo miner’s success is like hitting the jackpot.
Here’s how it all happened.
The Challenge of Modern Bitcoin Mining
Bitcoin mining has become more challenging due to advanced mining rigs and powerful mining pools. Bitcoin blocks are typically mined every 10 minutes, with a reward of 3.125 BTC for each block.
With Bitcoin’s hashrate at record highs, solo miners face tough odds against big institutional miners with massive computing power. Even with new solo mining rigs like BitAxe, which offer speeds of 500 GH/s, solo miners rarely win block rewards.
Defying All Odds
On September 10, a solo miner defied the odds by mining Block 860749, containing 5,935 transactions. This miner earned 3.169 BTC, worth $182,505, through the Solo CK mining pool.
The achievement is even more remarkable considering the miner contributed just 0.098% of the total network hashrate, which was 644.91 EH/s that day.
Since Bitcoin started in 2009, only 290 blocks out of 859,000 have been mined solo. This recent win highlights that, despite the growing difficulty and competition, solo miners can still secure significant rewards.
Hitting Record-High Hashrates
Bitcoin’s hashrate reached a new high of 742 EH/s on September 1, a 62% increase from the previous year. This surge in hashrate reflects the rising difficulty in mining, making the solo miner’s win even more impressive.
In an era where large players dominate, solo mining victories like this remain rare yet rewarding.
Read Also: Bitcoin Price Today: After 118% Surge, What’s Next for BTC Price in 2024?
What do you think? Is solo mining still worth the effort?
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