Solo Bitcoin Miner Strikes Gold, Wins Entire $180,000 Block Reward

Key Takeaways:

• A solo Bitcoin miner secured a full block reward of 3.169 BTC (approximately $181,000) through the Solo CK mining pool.
• The miner used only 0.098% of the total Bitcoin network hashrate to solve block 860749.
• Bitcoin's hashrate recently hit an all-time high of 742 EH/s, making solo mining success increasingly rare.

A solo Bitcoin miner has defied the odds to claim an entire block reward worth $180,000. This showcases that individual miners can still strike it big in the increasingly competitive cryptocurrency mining space.

Small Miner Hits Jackpot in Solo CK Pool

On September 10, block 860749 was successfully mined by a participant in the Solo CK mining pool, a platform designed to combine the hashrate of smaller miners while distributing the full reward to the individual responsible for solving the block. 

Block Explorer Details of the Solo CK Miner/ Source: Mempool.space

This miner received 3.169 BTC, valued at approximately $181,000 at press time, including Bitcoin's standard block subsidy and associated transaction fees.

What makes this achievement particularly noteworthy is the minimal computing power employed by the Bitcoin miner. 

Data from Bitcoin transaction tracker YCharts reveals that the miner utilized just 629 petahashes of computing power, representing 0.098% of the total network hashrate, which stood at 644.91 exahashes per second (EH/s).

The solo miner's success comes at a time when large-scale operations continue to dominate the Bitcoin mining scene. 

The Hashrate Index shows that the two largest mining pools, FoundryUSA and Antpool, collectively contribute 60% of Bitcoin's total hashrate. 

Similarly, major mining firms like Marathon Digital, Bit Digital, and Riot Blockchain typically validate the most blocks due to their substantial hash power.

This concentration of mining power makes solo mining success increasingly rare. 

Since Bitcoin's launch in 2009, solo miners have solved only 290 blocks out of the 859,000 produced, underscoring the exceptional nature of this recent success.

Solo CK: A Beacon of Hope for Individual Miners

Despite the odds, the Solo CK pool has demonstrated that individual miners can still find success. 

In the past year alone, the pool has solved 15 blocks, including the recent win, earning 59.3 Bitcoin— valued at $3.4 million.

Recent solo mining successes include a block mined less than two weeks ago, with a reward exceeding $200,000, and another mined in late July with a similar payout. 

However, the solo miner's triumph comes amid significant changes in the Bitcoin mining ecosystem. 

On September 1, the Bitcoin hashrate reached a new all-time high of 742 EH/s, a 62% increase from the previous year's 395.70 EH/s. 

Bitcoin network hashrate has reached a new all-time high, surpassing 742 exahashes per second (EH/s).#bitcoinnews $BTChttps://t.co/35YsoUSorn

— blocksky.io (@blockskycrypto) September 4, 2024

This surge in hashrate has led to increased competition, making it more challenging for solo miners to validate blocks. 

It has also resulted in rising energy costs as more computing power translates to increased electricity consumption and operational expenses. 

Despite these challenges, Matthew Sigel, VanEck Digital Assets Research Lead, suggests that miners' power costs may be lower due to decreased electricity demand as the U.S. moves past its energy-intensive summer months.