Bitcoin (BTC) mining is now a multi-billion dollar industry, largely dominated by publicly traded companies. These big players mine the majority of transaction blocks and logically reap the most rewards.
However, there are times when an individual miner unexpectedly hits the jackpot. Yesterday, a miner had such a rare day of luck, when he managed to mine a transaction block and took home the full $180,000 reward.
$182,000 in Bitcoins
Every ten minutes, Bitcoin miners compete with each other to mine a new transaction block and collect a bag of Bitcoins. To do this, they use specialized machines that try to solve cryptographic puzzles. The miner who succeeds first gets the chance to expand the blockchain with a new block and receives new Bitcoins as a reward.
Where in the past mining was often done from attic rooms, today it is mainly large companies with enormous data centers that keep the blockchain running.
With today’s competition, it takes a huge amount of computing power to have a real chance of winning the famous block reward. As an individual miner, it is almost impossible, but it is of course not impossible to emerge as a winner. Compare it to a lottery in which large parties buy up the most tickets. With just one ticket you can still win, but you need an extreme amount of luck.
Yesterday, this happened to a solo miner affiliated with Solo CK, an online mining service that facilitates individual miners. The lucky guy got to add transaction block 860,749 to the blockchain.
In addition to the block reward of 3.125 BTC, he collected 0.044 BTC through the paid transaction fees. In total, the miner earned 3.129 Bitcoin, which at the current Bitcoin price is equivalent to more than $182,000.
BTC miner was extremely lucky
The miner in question used 629 petahashes of computing power when the block was solved. This represented only 0.098% of the total computing power on the Bitcoin network, which shows how lucky the miner was.
Last week, you could read in the Bitcoin news that the hashrate, or the total computing power on the Bitcoin network, had risen to a new record. As a direct result, the difficulty of the mining process has increased by 3.58%, which of course affects solo miners the most. Today’s story proves once again that luck can play a big role in the world of Bitcoin mining, where even the smallest players have a chance at the rich reward.
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Source: https://newsbit.nl/solo-bitcoin-miner-verslaat-giganten-wint-jackpot-van-182-000/
