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Solo Bitcoin Miner Secures $181,000 Reward by Mining Block 860749
Discover how a solo Bitcoin miner achieved a remarkable feat by securing a $181,000 reward after successfully mining block 860749. Dive into the details of this significant event in the cryptocurrency world.
Solo Bitcoin Miner Achieves $181,000 Reward by Mining Block 860749
A solo bitcoin (BTC) miner has remarkably outperformed several powerful mining pools by successfully mining block 860749, earning a reward of approximately $181,000 on Tuesday. This achievement highlights the potential for individual miners in a landscape often dominated by larger coalitions.
Bitcoin blocks are typically produced roughly every 30 minutes and are primarily mined by mining pools. These pools combine their computing power to enhance their chances of claiming the coveted block reward. As of now, the reward for successfully mining a block stands at 3.125 bitcoin, following a recent halving event that took place earlier this year.
Historically, solo miners have faced challenges due to limited computing power compared to larger mining operations. However, innovative solo mining rigs like BitAxe are now claiming to offer impressive performance, boasting a capability of 500 Giga Hashes per second (GH/s). Despite this advancement, achieving success as a solo miner can be likened to winning a lottery, especially given the current all-time highs in the network’s hashrate and difficulty levels, alongside fierce competition from institutional miners equipped with substantial computational resources.
According to Julio Moreno, head of research at CryptoQuant, “It is not a rare occurrence that a solo miner finds a block; it is just a low probability event. However, we are witnessing a slight uptick in such occurrences due to the increasing production of small ASICs (Application-Specific Integrated Circuits), which are specifically designed for individuals who prefer to mine independently from their homes.”
Nonetheless, the mining pool landscape remains sharply concentrated. Currently, two major pools, FoundryUSA and Antpool, together account for a staggering 53% of the total Bitcoin network hashrate. As reported by Hashrate Index, Foundry USA is operating with a reported hash rate of 202.8 exahashes per second (EH/s), while AntPool follows closely with a hash rate of 160.3 EH/s. To put that into perspective, an exahash represents a metric that is one billion times greater than a gigahash.