Fun

Solo Bitcoin miner wins the 3.125 BTC lottery, solving valid block

News Feed - 2024-04-29 12:04:22

Martin Young5 hours agoSolo Bitcoin miner wins the 3.125 BTC lottery, solving valid blockThe solo miner netted around $200,000 in rewards for validating block 841,286.6960 Total views39 Total sharesNewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksA single Bitcoin miner has defied the odds by solving a Bitcoin block alone, netting them the full 3.125 Bitcoin (BTC) block reward. 


On April 28, software engineer and administrator from the solo mining pool ckpool, Con Kolivas, posted to X that a miner had solved the 282nd solo block in Bitcoin’s history.


He added that the solo miner had a large hash rate of around 120 petahashes per second (PH/s) at the time, equal to around 0.12 exahashes per second (EH/s), with an average of around 12 PH/s over a week, which is roughly 0.02% of the total network hash rate.


The Bitcoin block reward was recently reduced from 6.25 BTC to 3.125 BTC in the Bitcoin halving at block 840,000 on April 20, meaning block 841,286 was worth around $200,000 at the time.Source: Con Kolivas


Kolivas examined the block-solve summary, postulating that the miner recently switched from pooled mining after the halving “presumably for no longer recouping their electricity costs” for a chance at a solo block, or they have been “intermittently hashing/renting large amounts solo.”


The feat is remarkable because mining a valid block solo is an extremely rare event akin to winning the lottery. It is so rare that it has only occurred 282 times out of the 841,300 blocks produced since Bitcoin’s inception 14 years ago.


Mining BTC requires participants to input computational power to solve and add the next block to the network.


However, with the asset’s price increasing, mining has exploded in popularity, resulting in an increase in competitiveness (known as difficulty) and hash rate (network horsepower), meaning that it is almost impossible to solve a block alone.


Related:PayPal proposes ‘cryptoeconomic’ rewards for sustainable Bitcoin miners


In March 2023, Cointelegraph reported that a solo miner netted the entire 6.25 BTC reward for solving a block. However, prices were much lower then, so the reward was around $150,000.


The most recent solo mined block was on April 5 — a couple of weeks before the halving — when a solo miner solved block 837,814 with 7 PH/s of hash rate, netting a reward of around $422,750 at the time.


The average network hash rate is currently 618 EH/s, having hit an all-time high of 728 EH/s on April 23, according to BitInfoCharts. It has increased by more than 90% over the past 12 months, making the latest solo mining achievement even more exceptional.BTC hash rate over three years. Source: BitInfoCharts


Magazine: Get Bitcoin or die tryin’: Why hip hop stars love crypto# Bitcoin# Mining# Bitcoin Mining# Mining Pools# Hash RateAdd reaction

News Feed

Bitcoin $59K price may swing 'drastically’ amid election year parallels
Ciaran Lyons3 hours agoBitcoin $59K price may swing "drastically’ amid election year parallelsIf Bitcoin follows the same pattern as previous election years, August will be "nothing crazy," but a breakout may
China Censors Crypto-Themed Short Videos Shared Online
China Censors Crypto-Themed Short Videos Shared Online An industry organization controlled by the Chinese government has updated a list of topics users of video-sharing apps should
Yellen Says US Could Back All Deposits at Smaller Banks if Needed to Prevent Contagion
Yellen Says US Could Back All Deposits at Smaller Banks if Needed to Prevent Contagion U.S. Treasury Secretary Janet Yellen says the federal government could guarantee all deposits
US Mortgage Industry Could Collapse as Housing Crisis Looms, Experts Say
US Mortgage Industry Could Collapse as Housing Crisis Looms, Experts Say The U.S. mortgage industry faces collapse once again, this time due to the economic consequences followin
Lebanese Currency Collapse: Failed Policies Led to Economic Meltdown
Lebanese Currency Collapse: Failed Policies Led to Economic MeltdownLebanon is facing an unprecedented economic crisis and the local currency has already lost about 60% of its value
Crypto Analyst Identifies Bull Flag That Could Send Solana Price To $1,400
Este artículo también está disponible en español. Among the various altcoins in the market, the Solana price has been performing relatively well, experiencing slight pri
UK Seizes First NFTs in $2 Million Fraud Crackdown — Arrests 3 People
UK Seizes First NFTs in $2 Million Fraud Crackdown — Arrests 3 People The U.K.’s. HM Revenue & Customs (HMRC) has made its first non-fungible token (NFT) seizure. British
MetaGods, The 8-Bit Action Role-Playing Blockchain Game
MetaGods, The 8-Bit Action Role-Playing Blockchain Game press release PRESS RELEASE. The gaming business is undergoing a revolution thanks to the advent of blockchain technology. Be
Central Banks Dump Gold for the First Time Since 2010, Precious Metal Drops 9% Since August High
Central Banks Dump Gold for the First Time Since 2010, Precious Metal Drops 9% Since August High A few central banks have started selling tons of gold for the fi
Solana Bulls Push For A Price Recovery Amid Market Volatility
Este artículo también está disponible en español. Solanais showing renewed strength, signaling a potential turnaround after holding above $137 decisively. Buyers are step
Ether ETFs start trading, preliminary inflow data revealed
Vince Quill7 hours agoEther ETFs start trading, preliminary inflow data revealedAnalyst Eric Balchunas says that initial inflows into the Ether ETFs accounted for roughly 50% of Bitcoin ETF inflows on day one.5489 Total
Gareth Jenkinson9 hours agoSatoshi-era Bitcoin awakens: 1,005 BTC mined in 2010 on the move1,005 BTC, valued at $29 million, has been moved from an old Bitcoin wallet after 13 years, drawing parallels to recent dormant B