Today, individual Bitcoin (BTC) miners need extreme luck to win the BTC jackpot that comes with “finding” a new block of transactions. The mining industry is dominated by publicly traded giants, so you might be better off trying your luck in a lottery.
Every now and then, however, a remarkable story appears in the Bitcoin news about a solo miner who, against all odds, manages to collect the famous block reward. Today, this is the case again, and it has earned him a whopping $192,000 worth of Bitcoins.
Solo Bitcoin miner is extremely lucky
Bitcoin miners use massive computing power to solve complex cryptographic puzzles in the race to add a new block of transactions to the blockchain. The first miner to solve the puzzle receives a hefty reward in the form of new Bitcoins.
Where Bitcoin mining was once a hobby for nerds in their attics, the industry is now dominated by large mining companies and pools. While individuals can still try their hand at it, it’s a nearly impossible task against the network’s immense computing power.
Still, there are occasionally enviable success stories of solo miners beating the big boys. For example, Transaction Block 858,978 was added to the blockchain by an individual miner yesterday at 19:21 Dutch time.
The miner in question is affiliated with Solo CK, an online mining service that facilitates individual mining. According to data from Mempool.Space, the specialized hardware used in this method delivered a computing power of 456 petahashes per second (PH/s). This equates to about 0.012% of the entire Bitcoin network’s average computing power of 665 exahashes per second (EH/s). This highlights the exceptional luck this miner had.
Earns $192,000 BTC Jackpot
Since the recent Bitcoin halving in April, miners earn 3.25 BTC for every block of transactions they add to the blockchain. They also pocket all transaction fees paid for the transactions included in the block.
The lucky solo miner who had the day of his life yesterday earned a total of 3.27 Bitcoins. At the current Bitcoin price of $59,000, this is equivalent to about $192,000.
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Source: https://newsbit.nl/solo-bitcoin-miner-beleeft-dag-van-zijn-leven-en-verdient-192-000/
