Without the backing of massive computational power, a solo Bitcoin miner has solved the 818588th block on the blockchain, which has earned him a reward of 6.25 BTC (approximately $230,000). The individual achieved this remarkable feat with only 2 peta hash (PH/s), showing that even smaller individual miners can still enjoy significant rewards in the network.
Why Surprising?
Bitcoin mining has come a long way from the asset’s early days when a mere desktop computer could be used to earn rewards within seconds. Recently, the process requires using a crucial tool like a robust graphics card (GPU) and a reliable power supply unit (PSU) to add the next block to the network.
As of May 2023, Bitcoin mining consumed an estimated 95.58 terawatt-hours of electricity. For instance, bitcoin mining firm Foundry has computing power in the Exahash (EH/s) range.
Considering the growing popularity of Bitcoin mining, the constant rise in the network hash rate, and the powerful mining machines needed, it appears nearly impossible for a solo miner with only two Petahash to solve the whole block independently.
Help to Solo Miners
An anonymous Bitcoin mining pool called Solo CKpool is known for its services to solo miners, offering hope to these individuals with less powerful equipment. Con Kolivas, the person in charge of this service, congratulated the miner going by the identifier 15VYcdhWXB2tpKmFHKT9DcGLWDQJQ2XMJW for his achievement on X (formerly Twitter).
He also said, “A miner of this size would solve a block on average only once every 5 years”.
The Solo CK mining pool has helped several solo-mined Bitcoin blocks in the past. Individual miners using the service identified ten blocks this year. In 2022, two solo mined blocks occurred two weeks apart. The first happened on January 11, followed by another on the 24th of the same month at a block height of 720,175
Although solo miners’ achievements are inspirational, it is important to consider the challenges involved, which will help intending investors approach it with a balanced perspective. The world of Bitcoin mining is extremely random and unpredictable. It is often a game of chance, which can be compared to a fortunate individual rejoicing with a single lottery ticket win while another experiences disappointment despite a similar investment.
