A solo Bitcoin [BTC] miner has made a rare fête of finding a block and pocketing a $263K reward using a relatively cheap mining rig.

A solo Bitcoin [BTC] miner has made a rare fête of finding a block and pocketing a $263K reward using a relatively cheap mining rig.

A solo Bitcoin [BTC] miner has pulled off a rare feat by finding a block and claiming a $263K reward using a relatively cheap mining rig.

According to Con Kolivas, a developer at a solo mining pool used by the miner, solo.CKPool, termed it a “1 in a million chance” based on the type of pocket-sized rig used.

“A miner of this size has only less than 1 in a million chance of finding a block per day, or put alternatively, would take 3,500 years to find a block on average.”

Kolivas noted that the miner used the 480-Gigahash per second (GH/s) Bitaxe machine and was the 297th solo miner to find a BTC block from the pool.

Huge shoutout to our solo.CKPool miners! Solo miner #297 (mining with a Bitaxe 480 GH/s machine) just found block 769458, receiving 3.15 BTC in rewards. At current prices, this is about $263K. A miner of this size has less than a 1 in a million chance of finding a block per day.

— Con Kolivas (@ckoset) March 23, 2024

The miner was rewarded 3.15 BTC (worth $263K), including block rewards and transaction fees.

Miner flows

BTC miners' flow, one of the selling pressures for BTC, has subsided in March compared to late February.

On the 26th of February, a whopping 21.6K BTC was sent from miner wallets, a selling pressure that coincided with BTC's first dip below $90K.

The next major miner sell-off was on the 10th of March, with 11.6K BTC sold, about half of the late February dump.

Overall, miner pressure has reduced over the past two weeks and could offer BTC enough room for a rebound.

A similar outlook was reiterated by the Miners' Position Index (MPI), which gauges whether miners are selling BTC and its potential impact on price.

The MPI jumped to an overheated area above 2 in late February, corroborating the selling pressure that dragged BTC below its former range-lows of $92K.

The MPI recovered slightly at press time and could cap the BTC upside if it surges beyond 2 again. Meanwhile, BTC was valued at $84K, up 10% from recent lows of $76K, but faced an overhead hurdle at $85K.