Solo Bitcoin Miner Strikes Gold: Mines Block Worth $199,000 with Minimal Hashrate

TLDR:

A solo Bitcoin miner successfully mined block 858,978, earning 3.27 BTC ($199,094)
The miner was part of Solo CK pool, using only 0.012% of the average network hashrate
This rare event has only occurred about 290 times out of 859,000 blocks in Bitcoin’s history
The Solo CK pool has mined 14 blocks in the last year, earning 59.3 BTC ($3.5 million)
Bitcoin’s network hashrate recently hit an all-time high of 754 EH/s on July 23

A solo Bitcoin miner has defied the odds, successfully mining a block on the Bitcoin network and earning a substantial reward of 3.27 Bitcoin (BTC), valued at approximately $199,094. This unlikely event occurred on August 29, 2024, when the miner processed block number 858,978 at 4:21 pm UTC.

The miner, operating as part of the Solo CK pool, accomplished this feat with just 456 petahashes of computing power. T

his represents a mere 0.012% of the Bitcoin network’s average hashrate, which currently stands at 665 exahashes per second (EH/s). The stark contrast in hashrate highlights the exceptional nature of this achievement.

Solo CK pool, despite its name, is not a typical mining pool. It combines the hashrate of small miners but distributes the reward only to the miner responsible for solving the block. This structure allows individual miners to compete against larger, more resourceful mining operations that dominate the industry.

The block mined contained 2,391 transactions, showcasing the miner’s contribution to the network’s transaction processing capacity. This event marks another chapter in the history of solo mining successes, which have become increasingly rare as the Bitcoin mining landscape has evolved.

Bitcoin mining difficulty has steadily increased over the years, making it challenging for solo miners to compete effectively. Large mining firms, such as Riot Blockchain and Marathon Digital, command significant hashrate, often leaving solo miners at a disadvantage.

However, events like this serve as a reminder of Bitcoin’s decentralized nature, where individual participants can still play a meaningful role in the network’s operations.

The Solo CK pool has demonstrated consistent performance over the past year, successfully mining 14 Bitcoin blocks and earning a total of 59.3 BTC, equivalent to $3.5 million at current prices. This recent success adds to their impressive track record.

It’s worth noting that solo miners successfully processing a block is an infrequent occurrence. Out of the 859,000 blocks produced since Bitcoin’s inception 14 years ago, solo miners have only been responsible for approximately 290 blocks. This statistic underscores the rarity and significance of this recent mining triumph.

The Bitcoin network recently achieved a milestone, with its hashrate hitting an all-time high of 754 EH/s on July 23, according to data from BitInfoCharts. This increase in network hashrate reflects the growing computational power dedicated to securing the Bitcoin blockchain.

This solo mining success follows a similar event in March 2023, where another solo miner earned the entire 6.25 BTC block reward. However, due to Bitcoin’s lower price at the time, that reward was valued at around $150,000.

More recently, on July 25, a solo miner solved block 853,742, earning approximately $210,000.