Imagine: you are a solo Bitcoin (BTC) miner making almost $200,000. This happened to a previously unknown miner who single-handedly validated a block and collected the full reward of 3,125 BTC. Successfully mining Bitcoins solo is an extremely rare phenomenon.

Normally, miners join forces in so-called pools to increase their chances of winning BTC. Being part of a pool combines computing power, which increases the chance of earning the block reward. When a mining pool successfully validates a block, the entire group receives 3,125 BTC, which is then distributed among all participants. The pool manager usually takes a small fee.

As a solo miner, you can keep the entire reward of 3,125 BTC for yourself, which could be worth almost $200,000 depending on the current Bitcoin price. However, the chance of achieving this is very small, because your computing power is much lower than that of the large competing mining pools.

In the case of the lucky solo miner, his hash rate, a measure of computing power, was only 0.02% of the total. This means that it can take years for a solo miner to win a block reward. This is only the 282nd time that a solo miner has successfully obtained the Bitcoin block reward in Bitcoin’s 14 years of existence.

Solo Bitcoin mining is becoming increasingly difficult

It is becoming increasingly difficult for solo miners to mine Bitcoins, due to the constantly rising hash rate. This means that more and more miners are using their computing power to compete for a BTC reward. In the past 12 months, the hash rate has increased by as much as 90%. This increase makes the successful mining of a block reward of 3,125 BTC by a solo miner all the more exceptional.

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