TLDR:
- This independent Bitcoin miner successfully mined block number 858,978, earning 3.27 BTC, which is equivalent to $199,094.
- As part of the Solo CK pool, this miner used a mere 0.012% of the standard network hashrate to accomplish this feat.
- Such a rare event has only happened approximately 290 times in the long and storied history of Bitcoin's 859,000 blocks.
- In the past year, the Solo CK pool has managed to mine 14 blocks, earning them a substantial amount of 59.3 BTC, roughly translating to $3.5 million.
- The hashrate of Bitcoin's network recently soared to a record-breaking 754 EH/s on July 23.
Defying statistical probabilities, a solo Bitcoin miner successfully mined a block on the network, earning a significant windfall of 3.27 BTC, valued at around $199,094. This happened on August 29, 2024, as the miner processed block 858,978 at precisely 4:21 pm UTC. Working within the framework of the Solo CK pool, the miner pulled off this remarkable achievement with only 456 petahashes of processing power.
With merely 0.012% of the Bitcoin network's colossal hashrate of 665 EH/s, this achievement underscores the uniqueness of the miner's success.
Despite its name, Solo CK pool isn't a typical mining operation. It combines the processing power of smaller miners but rewards only the individual who solves the block, allowing them to compete against larger, more resourceful mining organizations.
The newly mined block included 2,391 transactions, highlighting the miner's role in enhancing the network's transaction capacity. This event adds another page to the annals of infrequent solo mining successes as the Bitcoin mining scene has become increasingly competitive.
As mining Bitcoin becomes progressively more challenging with rising difficulty, it's harder for solo miners to attain successful block mining. Large mining companies like Riot Blockchain and Marathon Digital command massive hashrate, often sidelining solo miners.
However, such occurrences serve to remind us of the decentralized ethos of Bitcoin, where individual efforts can still leave a mark on the network.
Over the past year, the Solo CK pool has consistently delivered results, mining 14 Bitcoin blocks and earning a total of 59.3 BTC, which is equivalent to $3.5 million at the current market rate. Their recent success further bolsters their impressive accomplishments.
It's important to note the rarity of solo miners processing a block successfully. Out of the 859,000 blocks generated since Bitcoin's launch 14 years ago, solo miners have been responsible for approximately 290 blocks. This underlines the rarity and significance of this latest achievement.
Recently, the Bitcoin network reached a new pinnacle with its hashrate peaking at 754 EH/s on July 23,
as per data from BitInfoCharts. The surge in network hashrate is a testament to the increasing computational commitment to safeguarding the Bitcoin blockchain. This success story of solo mining trails a similar feat from March 2023,
when another solo miner captured the entire 6.25 BTC block reward. However, at that time, due to Bitcoin's lower market price, the reward was valued at approximately $150,000. More recently, on July 25, another determined solo miner cracked block number 853,742, walking away with an estimated $210,000.
Oliver Dale, the Editor-in-Chief of Blockonomi and founder of Kooc Media, a UK-based online media company, is a proponent of open-source software, blockchain technology, and free internet access for everyone.
