Recently overcoming the odds, a solitary Bitcoin miner mined one of the most recent blocks and made $180,000. On Tuesday, the miner turned out block 860749 successfully. Together with transaction fees and the block subsidy, this success brought them 3.169 BTC in overall benefits. The miner took part in Solo CK, a pool whereby miners retain the whole pay instead than distributing it with others.
The recent triumph of a solo Bitcoin miner highlights the potential rewards of cryptocurrency mining. Solo CK allows miners to keep all rewards, setting it apart from traditional pools. Despite the rising hash rate that favors larger operations, solo miners continue to find success. This achievement underscores the possibility of significant gains for individual miners in a competitive environment.
As Bitcoin’s hashrate keeps rising, solo mining has gotten harder. A greater hashrate indicates more mining competition, so solo mining carries more risk. The result of solo mining has been more erratic given the price swings in Bitcoin. These days, most miners use shared mining pools, in which case hash power given determines rewards.
Unexpected Success Despite High Competition
Solo miners still show noteworthy performance despite the growing challenge. The latest victory fits a pattern whereby lone miners have periodically grabbed large prizes. By mining block 858978 two weeks ago, another lone miner made almost $200,000. Late July saw a similar feat when a solo miner effectively mined block 853742, claiming a sizable reward.
Given the rivalry from bigger mining companies, these successes are unexpected. Usually dominating block mining are large miners, armed with more resources and energy-intensive machinery. Conversely, single miners mostly rely on luck to find the correct block at the correct moment.
The Gamble of Solo Mining
Bitcoin mining works like a lottery, where miners compete to solve the next block and earn rewards. Solo miners face uncertainty, not knowing if their efforts will pay off. The more electricity they use, the higher their chances of success, but it’s still a gamble. Unlike shared mining pools, where rewards are divided, solo miners take on all the risk—and potential reward—on their own.
