Solo Miner Hits Bitcoin Jackpot with Block Reward of $200K
In a rare occurrence within the Bitcoin mining community, a solo miner successfully processed block number 858,978, earning a reward valued at nearly $200,000.
This transaction, recorded at 4:21 PM UTC, included 2,391 transactions and was mined under the Solo CK Pool and miners get $199,094 of bitcoin for the work, according to data. The miner operated with a hashrate of 456 petahashes, which is approximately 0.012% of the current network's average hashrate of 665 exahashes per second (EH/s).
This milestone is particularly noteworthy in an industry largely dominated by major mining firms like Riot Blockchain and Marathon Digital, which possess substantial hash power.
Since Bitcoin's launch 14 years ago, solo mining successes have been infrequent, with only about 290 blocks validated by solo miners out of nearly 859,000 total blocks.
The Solo CK Pool distinguishes itself from traditional mining pools by aggregating the hashrate of smaller miners while awarding the entire block reward to the individual who solves the block.
This recent win follows another notable event in July, when a different solo miner successfully processed a block, earning approximately $210,000.
The Bitcoin network has evolved, mining has become increasingly challenging due to heightened security measures and competition.In March 2023, according to report, a solo miner successfully claimed the full 6.25 BTC reward for solving a block.
At that time, the price of Bitcoin was significantly lower, making the total reward approximately $150,000.
