A solo Bitcoin miner has managed to mine the 780,112th block in the Bitcoin blockchain, receiving a 6.25 Bitcoin (BTC) block reward in return. The estimated value of the payout is over $150,000.
The solo miner was also lucky to have produced a valid hash after just two days of mining, as the event itself is rare, and it can take months for a solo miner to produce a valid hash.
The rare event occurred on March 10 and was the 270th solo mined block in Bitcoin’s 13-year-long history. The event is rare because a solo miner of this size usually solves a block, on average, about once every 10 months.
Congratulations to miner39nDQ9BexEBXpRdkHY1z95CaMDEwh6muPW who solved the 270th solo block at https://t.co/UWgBvLkDqc with 6.7PH but doesn't appear to have been mining for very long https://t.co/WGVBC3QajX
The miner created a solo mining pool using the Solo CK Pool mining service, for which they produced a valid block hash and were rewarded with 6.25 BTC, with a fee reward of roughly 0.63 BTC.
Con Kolivas, the Solo CK mining pool admin, noted that the miner behind the rare event might have temporarily rented hashing power to produce the output hash.
Bitcoin mining requires miners to input computational power to solve and add the next Bitcoin block to the network. However, with the growing popularity of BTC mining and the constant rise in the network hash rate and powerful mining machines, it’s near impossible for a solo miner to solve the whole block on their own.
Thus, a valid block hash is often produced using the computational power of multiple mining rigs, all trying to mine the next block. The block reward is distributed according to the input hash rate of each miner in the mining pool.
The Solo CK mining pool has been behind several solo-mined Bitcoin blocks in the past as well. Two of these solo-mined blocks came in January 2022, only two weeks apart, with the first occurring on Jan. 11, 2022,at a block height of 718,124, followed by another on Jan. 24, at a block height of 720,175.
As an enthusiast deeply entrenched in the world of blockchain and cryptocurrency, I bring a wealth of knowledge and expertise to the discussion surrounding the rare occurrence of solo Bitcoin mining, as highlighted in the article authored by Prashant Jha on March 13, 2023.
The significance of the event described in the article cannot be overstated. Solo mining a valid Bitcoin block is an exceptionally rare feat, transpiring only 270 times out of the 700,000 blocks produced over the course of the last 13 years. This rarity underscores the immense computational challenges faced by solo miners in successfully validating blocks and earning rewards.
The solo miner in question achieved the remarkable task of mining the 780,112th block in the Bitcoin blockchain. This accomplishment earned them a substantial 6.25 Bitcoin (BTC) block reward, translating to a monetary value exceeding $150,000. Such a payout is a testament to the potential financial gains that can be realized through solo mining, albeit with considerable difficulty.
What sets this event apart is not only the successful solo mining but also the efficiency with which it was executed. The miner managed to produce a valid hash after just two days of mining, a timeframe that is exceptionally short considering the typical months-long endeavor solo miners usually face to achieve such validation.
The solo miner utilized the Solo CK Pool mining service to create a solo mining pool. This service, administered by Dr. Con Kolivas, the Solo CK mining pool admin mentioned in the article, provides a platform for solo miners to contribute their computational power and collectively validate blocks. The miner was able to produce a valid block hash and received a block reward of 6.25 BTC, coupled with a fee reward of approximately 0.63 BTC.
It's noteworthy that the efficiency of the solo miner may be attributed to the potential use of temporarily rented hashing power. Dr. Con Kolivas pointed out that the miner behind this rare event might have leveraged additional hashing power to expedite the process of producing the output hash.
The article also delves into the broader context of Bitcoin mining, emphasizing the increasing difficulty for solo miners due to the growing popularity of BTC mining, rising network hash rates, and the prevalence of powerful mining machines. The collaborative approach facilitated by mining pools, where multiple miners combine their computational power, has become a norm to overcome these challenges and increase the chances of successfully mining a block.
In conclusion, the rare solo mining event discussed in Prashant Jha's article sheds light on the evolving landscape of Bitcoin mining, the challenges faced by solo miners, and the innovative solutions, such as mining pools, employed to enhance the efficiency and probability of success in this competitive arena.
Initially set at 50 BTC per block, this reward halves approximately every four years in an event known as the "halving." As of now, the reward stands at 6.25 BTC per block. Solo mining is akin to playing a high-stakes lottery.
A solo bitcoin miner beat the odds — around 1 in 5,000 — to solve a block and take home the total subsidy and transaction fee reward. The bitcoin miner earned $218,544 for mining block 841,286 using CKpool in a solo mining configuration.
Bitcoin pays out a mining reward each time a new “block” is entered into the permanent record of transactions. The reward shrinks every few years, but for now, it is 3.125 BTC.
Solo mining is a method where a single miner independently conducts and executes the mining process, relying on native crypto wallet clients to discover blocks. Profits depend on hardware hash power and network difficulty. Solo miners can earn significant rewards if they complete the entire process within the network.
Mining of 1 Bitcoin takes place after every 10 minutes or 600 seconds, and as per data, it needs around 72 TW (terawatts) of power to mine one BTC. So, depending upon the power of your smartphone's hardware, software, or application used and the mining difficulty- it can take from days to months to mine one Bitcoin.
With the right setup, Bitcoin mining is profitable. However, there is no definitive way to know how much money you will make from Bitcoin mining. This is because there are many variables that can determine profitability. For a start, you'll need to purchase Bitcoin mining equipment – known as ASICs.
Therefore, it would theoretically take a solo miner with a substantial hash rate around 10 minutes to mine 3.125 Bitcoin. However, practically: Solo Mining: It could take months or even years for an individual miner with average hardware to mine a full Bitcoin due to the high competition and network difficulty.
What is a Bitcoin Block Reward? A block reward is a form of compensation given to cryptocurrency miners for validating blocks of transactions on a blockchain. This reward is typically a portion of transaction fees and newly minted cryptocurrency tokens.
Bitcoin mining profitability is affected by equipment and electricity costs, the mining difficulty, and bitcoin's market value. After accounting for the costs of bitcoin mining, it can become profitable as long as the market cooperates.
Yes.Crypto mining can be profitable - but there are factors miners need to consider including electricity costs, mining difficulty, and market conditions.
While the noise levels (75db) and lack of water cooling may put some investors off, it's one of the most profitable crypto mining machines currently - supporting the KHeavyHash algorithm for Kapsa (KAS) with a 9.4Th/s hash rate.
Yes. Libertex provides free Bitcoin mining to its users via a virtual miner. There are no hidden charges or fees to start earning with our virtual Bitcoin miner. Miners may increase their mining speeds and, consequently, mining profit by upgrading their status in our customer loyalty programme.
Miners are rewarded with 6.25 bitcoins. This number will reduce to 3.125 bitcoins after the halving in 2024. The reward (plus transaction fees) are paid to the miner who solved the puzzle first. This process repeats approximately every 10 minutes for every mining machine on the network.
Bitcoin mining itself is not a scam, but there have been instances of fraudulent schemes related to mining. Legitimate mining involves solving complex mathematical problems to validate transactions and secure the blockchain, rewarding miners with newly minted bitcoins.
Full Reward Ownership: The primary benefit of solo mining is that the miner retains 100% of the block reward without sharing it with others. This can result in higher overall earnings compared to pool mining. No Pool Fees: Solo miners save on fees that would otherwise go to the mining pool operators.
Miners create valid blocks, adding transaction records to the public ledger, or the blockchain. New coins emitted with each block are given to miners as a reward for the work. They also receive transaction fees. Currently, the miners receive 6.25 BTC per block.
If you're successful in mining a Bitcoin block, you'll receive 6.25 BTC – currently valued at over $162,500. You'll also receive the transaction fees paid by senders for the respective block. What's more, Bitcoin mining is also possible without purchasing any equipment.
Generally, these blockchains are programmed to give the miner a specific amount of cryptocurrency plus the fees paid by the transactions. For example, Bitcoin's block reward is 6.25 bitcoins plus mining fees. This reward will be cut to 3.125 in April 2024.
Introduction: My name is Terrell Hackett, I am a gleaming, brainy, courageous, helpful, healthy, cooperative, graceful person who loves writing and wants to share my knowledge and understanding with you.
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