Solo Bitcoin Miner Hits the Jackpot, Earning $199,000 Reward

The post Solo Bitcoin Miner Hits the Jackpot, Earning $199,000 Reward appeared first on Coinpedia Fintech News

A solo Bitcoin miner has defied the odds and successfully solved a Bitcoin block, earning a substantial reward of 3.27 BTC, which is currently valued at around $199,094. This rare achievement shows how surprising Bitcoin mining can be, especially for solo miners competing against big mining companies.

Solo Miner Hit Jackpot

On August 29, a solo miner working under the mining pool “ckpool” managed to validate block number 858,978. The miner achieved this with a significant hash rate of approximately 456 petahashes per second (PH/s). 

To put this into perspective, the average network hash rate is currently around 665 exahashes per second (EH/s). This means the solo miner’s hash rate was just about 0.012% of the network’s total, making this feat extremely rare and impressive.

The block contained a total of 2,391 transactions, and the reward of 3.27 BTC was granted shortly after a recent adjustment in the Bitcoin blockchain, which was worth around $199,094.

The Odds of Success

Mining a Bitcoin block solo is almost like hitting the lottery. Since Bitcoin was created 15 years ago, only 290 out of the nearly 859,000 blocks have been mined by solo miners. This shows how uncommon it is for individual miners to successfully validate a block without the backing of a major mining firm.

The last solo-mined block was on July 25, before the most recent Bitcoin halving, when an individual miner solved block 853,742 with a hash rate of 7 PH/s, earning about $211,918 at that time.

Impact of the Halving on Rewards

The recent success of the solo miner comes after the Bitcoin halving event on April 20, which occurred at block 840,000. The halving reduced the block reward from 6.25 BTC to 3.125 BTC, making each block mined even more valuable due to the reduced supply of new Bitcoin entering circulation.