Lone Miner Triumphs: Solves Block Solo, Bags 3.125 BTC Bounty

Despite the increased difficulty of Bitcoin mining, a solo miner has remarkably solved a block alone, earning the full block reward of 3.125 BTC. The miner's hash rate of approximately 120 PH/s was equivalent to 0.12 EH/s and represented 0.02% of the total network hash rate. Notably, solo mining a valid block is exceptionally rare, occurring only 282 times out of 841,300 blocks produced since Bitcoin's inception.

Solo Miner Defies Odds, Solves Bitcoin Block Alone, Earns Full 3.125 BTC Reward

On April 28, a solo Bitcoin miner defied the overwhelming odds by single-handedly solving a block, reaping the full 3.125 BTC block reward. This remarkable feat, announced by software engineer and ckpool administrator Con Kolivas, has sent ripples through the cryptocurrency community.

Solo Mining: A Rare Occurrence

Solo mining involves individuals mining Bitcoin without joining a mining pool, where hash power is combined to increase the chances of solving a block. The probability of a solo miner successfully solving a block is extremely low, as evidenced by the fact that only 282 out of 841,300 Bitcoin blocks mined since the cryptocurrency's inception have been solo-mined.

Solo Miner's Impressive Hash Rate

The successful solo miner possessed a significant hash rate of approximately 120 petahashes per second (PH/s), equivalent to about 0.12 exahashes per second (EH/s). Over a week, the miner averaged around 12 PH/s, representing a mere 0.02% of the total network hash rate.

Impact of Bitcoin Halving

This achievement is particularly noteworthy given the recent Bitcoin halving event on April 20, which reduced the block reward from 6.25 BTC to 3.125 BTC. The solo miner solved block 841,286, which was worth approximately $200,000 at the prevailing Bitcoin price.

Possible Factors Contributing to Success

Con Kolivas, after examining the block-solve summary, speculated on the circumstances that may have contributed to the miner's success. He suggested that the miner might have recently transitioned from pooled mining after the halving as the reduced reward may have made it challenging to cover electricity costs. Alternatively, the miner could have engaged in intermittent hashing or rented significant computing power specifically for solo mining.

Increasing Difficulty of Solo Mining

The rising popularity of Bitcoin mining, coupled with the increasing difficulty and hash rate of the network, has made solo mining a daunting task. As more miners enter the competition, the chances of any individual miner solving a block alone dwindle.

Historical Perspective

The most recent solo-mined block prior to this one was on April 5, when a miner solved block 837,814 with a hash rate of 7 PH/s, earning a reward of around $422,750. The current average network hash rate stands at 618 EH/s, having peaked at an all-time high of 728 EH/s on April 23.

Solo Mining as a Lottery-Like Event

Solo mining Bitcoin is akin to winning the lottery, as it requires a combination of skill, luck, and significant computational resources. The latest achievement serves as a testament to the perseverance and tenacity of those who persist in the pursuit of solo mining.