A solo Bitcoin miner has successfully mined a blockchain block using a small and inexpensive mining rig, earning a reward of $263,000. This miner, the 297th to achieve this feat through the solo.ckpool Bitcoin mining pool, utilized a 480 GH/s Bitaxe machine. In contrast, larger mining companies use rigs that can operate at over 230,000 GH/s. The miner had a very slim chance—less than 1 in a million—of solving a block per day. Despite the low profitability of such small setups, the rise of open-source mining projects aims to increase transparency and accessibility in the Bitcoin mining world, challenging the dominance of larger firms.
A solo Bitcoin miner has achieved a remarkable feat using a compact and affordable mining rig. This miner successfully solved a blockchain block, earning a hefty reward of $263,000. According to Con Kolivas, the developer of the solo.ckpool Bitcoin mining pool, this miner became the 297th solo miner to resolve a Bitcoin block.
The miner utilized a Bitaxe machine with a processing power of 480 gigahash per second (GH/s). In stark contrast, larger crypto-mining firms often use machines boasting impressive capacities of over 230,000 GH/s. Kolivas noted that a miner of such modest size has less than a one in a million chance of finding a block each day, which makes this achievement even more extraordinary.
For this particular win, the miner took home a total of 3.15 BTC for solving block 887,212, which was timestamped on March 10 at 7:22 pm UTC. This prize includes the standard 3.125 Bitcoin reward, along with an additional 0.025 Bitcoin gathered from transaction fees.
Interestingly, a more powerful Bitaxe Gamma 601 mining machine, which has nearly three times the processing capability of the one used by the solo miner, comes at a price of around $158. Yet, according to estimates, it yields just over $20 a year in mining rewards, hardly making it a profitable venture.
Bitcoin mining is typically dominated by big pools and companies like Foundry USA and MARA Holdings. Solo miners like this recent success story are incredibly rare, especially when using smaller rigs. However, the rise of open-source projects is striving to make mining more accessible and transparent.
The rare victory of this solo miner not only highlights the potential within individual mining but also sparks curiosity about how the landscape of cryptocurrency mining may evolve. The story underscores the ongoing conversation about the accessibility and democratization of Bitcoin mining, making it exciting for enthusiasts and newcomers alike.
Tags: Bitcoin mining, solo miner, crypto rewards, blockchain, cryptocurrency news.
FAQ about Lone Bitcoin Miner Winning with a Cheap Rig
What does it mean to mine Bitcoin?
Mining Bitcoin is the process of using computer power to solve complex math problems, which helps verify and record Bitcoin transactions on the blockchain.
How did a lone miner win a block?
A lone miner won a block by successfully solving a difficult puzzle faster than others, using a small and inexpensive mining rig. This is rare and considered a “1 in a million chance.”
What kind of equipment did the miner use?
The miner used a tiny and cheap mining rig, which is not common for winning blocks. Most miners use more powerful and expensive setups.
Is it really possible to win as a solo miner?
Yes, it is possible, but it is very unlikely since there are many miners competing. Most successful mining is done in groups or pools to increase chances.
What does this win mean for the mining community?
This win shows that even small miners can succeed. It may encourage more people to try mining, even if they don’t have big budgets.