Solo Miner Takes Full 3.125 BTC Block Reward
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A Bitcoin miner achieved an unlikely feat by independently solving network block 841,286, granting them the full 3.125 BTC reward.The fourth Bitcoin halving occurred on April 20 at block 840,000, reducing the block reward from 6.25 BTC to 3.125 BTC, which is currently worth approximately $200,000.
Bitcoin Miner Successfully Mines 282nd Solo Block
On April 29, Con Kolivas, a software engineer and administrator of the solo mining pool ckpool, announced on X that a individual miner had successfully solved the 282nd solo block in Bitcoin’s history, a remarkable and rare achievement.
Kolivas mentioned that a solo miner was operating at a notable hash rate of around 120PH (peta hashes) at the time, which equates to about 0.12 EH (exa hashes). The miner’s average hash rate over a week was approximately 12PH. This represented roughly 0.02% of the total network hash rate.
Kolivas examined the block-solve summary and suggested that the large miner may have recently switched from pooled mining after the halving event, possibly due to pooled mining no longer being able to cover their electricity costs.
This switch could have been motivated by the pursuit of a chance at mining a solo block. Alternatively, the miner might have been hashing intermittently or renting substantial hash power to mine alone.
The significance of this achievement lies in the rarity of solo mining a valid block, which is akin to winning the lottery.
Such instances are extremely uncommon, with only 282 cases recorded out of approximately 841,300 blocks mined since Bitcoin’s launch 14 years ago.
The Increasing Difficulty of Solo Block Mining
The increasing price of Bitcoin has drawn more participants into mining, leading to higher competition and a rise in hash rate and difficulty. As a result, successfully mining a block solo has become extremely rare due to the intense competition.
In March 2023, a solo miner managed to solve a block and secure the full 6.25 BTC reward, valued at around $150,000 at the time due to lower Bitcoin prices. A more recent solo block was mined on April 5, shortly before the halving event.
This miner successfully solved block 837,814 with a hash rate of 7PH and received a reward valued at approximately $422,750.The average network hash rate currently stands at 618 EH/s (exa hashes per second), according to Bitinfocharts.
It reached an all-time high of 728 EH/s on April 23, showing an increase of over 90% over the past year. This rapid growth highlights the exceptional nature of recent solo mining achievements.
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