Bitcoin Solo Miner Wins 3.125 BTC Lottery with Valid Block

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A solo Bitcoin miner, part of the ckpool mining community, defied the odds by solving a Bitcoin block on his own, earning himself the full 3.125 Bitcoin reward. Miner “365ughTgK9Q7rXXTM7vubqy1awZ2AJijP” solved block 841,286 on April 28, 2024.

An individual Bitcoin miner, working independently from other miners in the ckpool mining group, has astonishingly managed to crack the Bitcoin block code on his own, claiming the entire 3.125 Bitcoins reward as his rightful prize. This remarkable achievement was brought to light by software engineer and administrator Con Kolivas on X.

As a data analyst, I’d rephrase it as: At that point in time, my miner boasted a robust hash rate of approximately 120 peta hashes, equivalent to around 0.12 exa hashes. Over the course of a week, I averaged a hash rate of 12 peta hashes, accounting for about 0.02% of the entire network’s processing power.

As a researcher studying the mining process, I’d like to acknowledge the impressive achievement of miner 365ughTgK9Q7rXXTM7vubqy1awZ2AZJijP. They successfully mined and solved block number 282 independently, doing so with a hash rate of approximately 120 petahashes per second (PH/s). This was notably higher than the average weekly hash rate of around 12 PH/s.

— Dr -ck (@ckpooldev) April 28, 2024

At the Bitcoin halving occurring in block 840,000 on April 20th, the reward for mining this specific block numbered 841,286 saw a significant reduction from 6.25 Bitcoins to 3.125 Bitcoins. This adjustment translated to approximately $200,000 in value based on prevailing Bitcoin prices when the information was obtained.

Kolivas pondered over the reasons behind this milestone, proposing two possibilities. The major miner could have transitioned from pooled mining after the halving event, perhaps because they were no longer able to cover their electricity expenses. Alternatively, they might have been intermittently mining or renting substantial solo mining power.

Solo mining a block in Bitcoin is a rare achievement, similar to hitting the jackpot in the lottery. Out of the roughly 841,300 blocks mined since Bitcoin’s creation 14 years ago, this feat has been accomplished only 282 times.

Participating in Bitcoin mining means utilizing your computational resources to resolve complex mathematical puzzles and add new blocks to the digital ledger. With the rising value of Bitcoin, this process has gained greater appeal, resulting in heightened competition and increased difficulty levels. Consequently, it is increasingly challenging for an individual to successfully mine a block on their own.

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2024-04-29 09:40