On April 28th, a remarkable event took place in the realm of Bitcoin mining when a single miner successfully mined a block, earning the entire block reward and transaction fees, totaling $218,000.
A One in Five Thousand Chance Becomes Reality
Using CKpool’s solo Bitcoin mining software, the miner achieved an impressive gain of 3,433 BTC, which is equivalent to approximately $218,544. This significant achievement, as reported by Bitcoin explorer Mempool, includes 0.308 BTC from transaction fees worth $19,607 and a block reward of 3.125 BTC, totaling $198,937.
The successful Bitcoin miner, identified by the address 365ug…, accomplished this feat with a hashrate of around 120 PH/s. This is noteworthy considering the enormous computing power of the entire Bitcoin network, which is approximately 638 EH/s. The solo miner’s success, estimated at a probability of about 0.02% or one in five thousand, is recorded as a notable event in the mining world.
While such occurrences are relatively uncommon, they are not unheard of. In the past, solo miners with significantly lower hashrates have defied seemingly insurmountable odds to claim block rewards. For example, in 2022, a solo miner with a hashrate of only 126 TH/s achieved a similar feat, winning a reward worth approximately $260,000 despite the odds of one in 1.3 million.
CKpool developer Con Kolivas speculated on the possible reasons behind the solo miner’s success, suggesting that the miner may have recently switched from pool mining after the fourth block reward halving in April. Alternatively, the miner could have intermittently mined solo or leased substantial computing power independently.
Bitcoin Mining Continues to Attract Enthusiasts
The fourth block reward halving of Bitcoin on April 20th marked a significant milestone in the supply of the largest cryptocurrency, reducing the block reward per mined block from 6.25 BTC to 3.125 BTC. Despite this change, the recent success of the solo miner demonstrates that individuals and organizations dedicated to mining continue to find Bitcoin mining appealing.
Ultimately, the success of the solo miner is a testament to the resilience and ingenuity of participants in the Bitcoin mining ecosystem. As the world of Bitcoin continues to evolve and transform, such events highlight the dynamic nature of cryptocurrency mining and the potential rewards that await those who overcome its challenges with skill and determination.
Disclaimer: The information provided in this article should not be considered investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.
