An unforeseen occurrence in the Bitcoin mining sphere took place on August 18, when a solitary miner, without the backing of remarkable computational power, claimed the total reward of 6.25 Bitcoins for resolving block 803,821. The minor received an estimated $160,000 even after a 2% fee deduction by the mining service. The event was so momentous due to the stature of the miner, identified as bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6, who was utilizing the Solo CKpool mining service – a distinct platform from the behemoth mining pools largely known to many.
The miner’s hash power was presumed to be about 1 PH/s (petahash per second), a magnitude much less potent compared to large Bitcoin mining pools. Con Kolivas, the person running the Solo CKpool, explained that the miner’s likelihood of solving a block solo, with the given size, is in average once every seven years. This minuscule probability underscores the significance of this win.
A quick overview for newcomers in the Bitcoin mining scene reveals that the process involves computers solving intricate mathematical equations – the resolver then adds a new group of transactions, or ‘block,’ to a digital record known as the blockchain, subsequently earning Bitcoin.
Usually, colossal mining operations like Foundry command computing power in the Exahash (EH/s) range, with Foundry hosting a staggering 123.64 EH/s power. Therefore, a lone miner with a few Petahash stands in stark contrast as a diminutive entity within this expansive arena.
Kolivas opines that the victorious miner might have utilized around ten Antminer S17 bitcoin mining machines to achieve this feat, a design specifically tailored for these intricate equations, subsequently aiding miners in their Bitcoin reward pursuits.
In light of rising competition, Bitcoin mining, responsible for confirming transactions and ushering new Bitcoin into the circuit, often witnesses independent miners lagging behind larger operations.
Platforms like Solo CKpool avail opportunities for miners with lesser powerful apparatus, who might not garner rewards in the orthodox way but perceive mining as a sort of sweepstake. Occasionally, as evidenced in this instance, they chance upon a windfall.
This triumph for the solo miner who utilized Solo CKpool hardly constitutes the maiden instance. As per BTC.com, ten blocks this year were discovered by individual miners via this service, culminating in the total blocks found by the pool throughout its history standing at an impressive 277.
Source: Cryptonews
