May 23, 2024
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Solo Bitcoin Miner Strikes Gold, Earns $218,544 in Block Rewards

A solo bitcoin miner defied the overwhelming odds to solve a block and secure the entire subsidy and transaction fee block reward late Sunday.

Block Reward: 3.433 BTC ($218,544)

The miner, utilizing solo bitcoin-mining software from CKpool, earned a substantial 3.433 BTC ($218,544) for mining block 841,286, as reported by the Bitcoin explorer Mempool. This impressive reward comprised 3.125 BTC in block subsidy rewards ($198,937) and 0.308 BTC ($19,607) in transaction fees.

A Remarkable Feat Amidst Massive Odds

At a hash rate of approximately 120 PH/s, compared to Bitcoin’s total network of around 638 EH/s, the chances of the solo miner solving the block were about 0.02% — or more than 1 in 5,000. This achievement underscores the unpredictable nature of Bitcoin mining and the occasional triumph of individual miners against vast computational power.

Despite its rarity, this isn’t the first time a solo bitcoin miner has claimed all block rewards. Previous instances highlight the sporadic nature of such events, with miners occasionally beating staggering odds to secure substantial rewards.

As Bitcoin’s fourth halving event recently reduced miners’ block subsidy rewards from 6.25 BTC to 3.125 BTC, this solo miner’s success serves as a testament to the resilience and ingenuity within the cryptocurrency mining community.

Image from Wallpapers.com

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