Defied the odds: A solitary Bitcoin miner succeeded in capturing 3 Bitcoins by himself
In the world of Bitcoin mining, solo efforts are often overshadowed by the dominance of mining pools. However, a recent event has proven that solo mining still holds a place in the cryptocurrency landscape.
Last week, a solo miner successfully claimed the reward for block number 903,883, earning the entire reward of 3.125 BTC plus transaction fees, equivalent to around $373,000 at current prices. This feat is particularly impressive given the extreme competition and high network hashrate, with over 99% of blocks being mined by mining pools.
The miner's computational power, measured in hash rate, represented approximately 0.00026% of the network's total power. With about 1 petahash per second (PH/s) of computational power, the odds of successfully mining a block on any given day were roughly 1 in 4.26 million, making it far more unlikely than being struck by lightning.
The miner relied on a solo mining pool service called Solo CK, which supports independent miners. However, such events remain anomalies given the total network hashrate of about 600 exahashes per second (EH/s) and record-high mining difficulty.
The success of this miner serves as a reminder of the decentralized nature of the Bitcoin network. Each successful solo mining case is a testament to the spirit of competition and the potential for individual success in the face of overwhelming odds.
The miner, who was working with a computational power of 2.3 PH/s, had a 1 in 2,800 chance of mining a valid block each day. Solo mining is often seen as a test of patience, strategy, and a bit of luck.
In contrast, mining pools combine the hashing power of many miners, drastically improving the chances that participants earn consistent rewards, although individually miners in pools receive smaller, more frequent payouts proportional to their contributed hashrate.
Since the last Bitcoin halving in April 2024, there have been at least six notable cases of solo miners who have managed to mine a full block and take the entire reward. The miner of block 903,883 is the latest addition to this exclusive club.
Solo mining offers miners the opportunity to avoid fees charged by mining pools and participate in a "technical lottery." Despite the low chances, examples like this miner demonstrate that a well-executed solo effort can be rewarded.
As the Bitcoin network's total hash rate exceeds 865 EH/s, according to data from Coinwarz, the chances of solo mining success remain slim. However, the spirit of decentralization and the possibility of challenging the big hashing powers on the network continue to drive solo miners to take their chances.
In conclusion, while solo mining remains technically possible, its success is so rare under current conditions that nearly all miners participate in pools to ensure steady income. Solo mining is now mostly a hobbyist or niche pursuit rather than a practical way to earn Bitcoin mining rewards regularly.
- The miner, despite working with only 2.3 petahashes per second (PH/s), had a 1 in 2 chance of mining a valid block each day due to the recent halving and the exclusive nature of solo mining success.
- Solo mining, often viewed as a niche pursuit, still offers the allure of participating in a "technical lottery," potentially rewarding miners who satisfy the technical requirements and have a bit of luck.
