A solo Bitcoin miner recently achieved an impressive feat by using a budget-friendly, pocket-sized mining rig to solve a blockchain block and earn a reward of $263,000. This miner, now the 297th solo miner in the solo.ckpool Bitcoin mining pool, utilized a Bitaxe machine with a processing power of 480 gigahashes per second. In comparison, larger mining companies typically use machines with over 230,000 gigahashes per second. Despite the low odds of solo mining—less than a 1 in a million chance of finding a block daily—this achievement highlights the potential for enthusiasts to participate in Bitcoin mining, even with smaller, less expensive equipment.
A solo Bitcoin miner has recently achieved a remarkable milestone by solving a block in the Bitcoin blockchain using a compact, inexpensive mining rig. This breakthrough has rewarded the miner with a whopping $263,000, marking a significant event in the world of cryptocurrency mining.
The miner is the 297th individual to successfully mine a Bitcoin block from the solo.ckpool mining pool, as reported by its developer Con Kolivas via a post on March 10. What’s fascinating is that this individual utilized a Bitaxe machine with a capability of just 480 gigahashes per second (GH/s). In contrast, many larger mining operations typically employ machines that can reach over 230,000 GH/s.
Kolivas noted that for a miner using such a small rig, the odds of discovering a block are incredibly low, estimated at less than 1 in a million on a daily basis. In fact, it would theoretically take about 3,500 years for a miner like this to find a block under ordinary circumstances.
The miner earned a total of 3.15 BTC for their efforts in solving block 887,212, which was timestamped at 7:22 PM UTC on March 10. This total includes the current mining reward of 3.125 BTC plus an additional 0.025 BTC from transaction fees.
Interestingly, the mining machine used by this solo miner is much less powerful than some available in the Market. A more robust version, the Bitaxe Gamma 601, is priced around $158 and operates nearly three times faster. However, estimates indicate that this more powerful machine might only yield around $20 annually while costing about $18 to operate, making it largely unprofitable.
Despite the low odds of success, solo Bitcoin mining continues to intrigue crypto enthusiasts. Many larger firms dominate the industry, sourcing their hashrate from significant public miners. However, small-scale miners and innovative technologies like the Bitaxe are pushing for a more open and accessible mining environment.
In conclusion, this solo miner’s exceptional feat highlights the evolving landscape of Bitcoin mining. Even with small setups, potential rewards keep the dream alive for many.
Primary keyword: Bitcoin mining
Secondary keywords: solo miner, crypto mining rig, blockchain technology
What does it mean for a lone Bitcoin miner to win a block?
When a lone Bitcoin miner wins a block, it means they successfully solved a complex math problem first. This lets them add a new block of transactions to the Bitcoin blockchain and earn new bitcoins as a reward.
How unlikely is it for a lone miner to win?
It’s very rare for a single miner to win. The chances are like winning a lottery, often said to be “1 in a million.” This is because many miners work together in big groups called mining pools, which makes their chances much higher.
What kind of rig did this lone miner use?
The lone miner used a tiny and cheap rig. This means their mining setup didn’t require a lot of money or power to run, which is surprising given how competitive Bitcoin mining has become.
Why do people mine Bitcoin?
People mine Bitcoin to earn rewards in the form of new bitcoins. Mining helps secure the Bitcoin network by verifying transactions, making it important for the overall system to work well.
Can anyone start mining Bitcoin now?
Yes, anyone can start mining Bitcoin, but it may not be profitable for everyone. You need to consider the cost of your mining equipment, electricity, and the current competition in the mining world.