- Bitcoin’s mining ecosystem saw a rare occurrence in the last 24 hours
- A solo miner trumped major mining pools to successfully process a block
As a seasoned crypto investor with over a decade of experience in this dynamic field, I can confidently say that witnessing a solo miner successfully process a block is always a refreshing sight in today’s mining ecosystem dominated by large pools. It’s like finding a four-leaf clover amidst a sea of three-leaf clovers!
Solo miners are rarely successful when mining blocks. Mostly because it’s the era of major mining pools, with each holding massive amounts of hash power. That is the reason why when solo miners do hit the jackpot, it’s news.
So was the case a few hours ago after a singular miner successfully processed Block number 858,978. For doing so, the miner received a reward of around 3.27 BTC, close to around $200,000.
In this particular case, the miner was a certain Solo CK Pool. The miner used a hashrate of just 456 petahashes/sec against an industry average of 665 exahashes/sec. In light of the fact that Bitcoin mining is a highly competitive business, one where large mining pools have a significant advantage, the odds of a solo miner processing a block are generally pretty low.
It’s important to note that Bitcoin’s hashrate reached an all-time high on July 23rd, but since then it has dropped substantially. At the moment of writing, there are signs of recovery as the hashrate has increased to 656 exahashes per second after decreasing to 591 exahashes per second over the last 24 hours.
Although Solo CK Pool is named like a traditional mining pool, it functions differently. Instead of distributing rewards among multiple miners based on their contributed hash power, the entire block reward goes to the individual miner who mined the specific block. This is why the pool administrator congratulated that particular miner when they successfully mined block X. They were sharing in the excitement of the achievement.
“Kudos to miner 36AisvWi1UiwLTeTZxLzindAkorqeUc3tT for successfully mining the 291st solo block! This high-performing miner, boasting a hash rate of 38 Petahash (PH), typically solves a new block approximately once every four months.”
Due to its rarity, individual miners have only managed a handful of instances to successfully mine a block, particularly with the emergence of large mining pools that possess substantial computing power. Notably, the last such occurrence took place in July, where a miner bagged a reward worth more than $210,000.
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2024-08-30 20:39