Crypto markets may be engulfed in a sea of red, but one solo bitcoin miner recently defied the odds, solving block 793,607 using a single Antminer S9 rig. This impressive feat, which came with a reward of 6.175 BTC ($160,100), would typically occur only once every 450 years on average, according to the admin of mining software Solo CKPool.
In contrast to regular bitcoin mining pools, where users combine computing resources to mine together and divide profits, Solo CKPool is more of a software proxy for those unable to run Bitcoin Core directly. The mining software returns 98% of bitcoin rewards to the miner, with the remaining 2% allocated to the admin for maintenance. This setup is ideal for small devices that might struggle to sync the entire Bitcoin blockchain, such as Raspberry Pi-powered rigs. However, larger mining operations can also use Solo CKPool, should they be feeling particularly fortunate.
Currently, about 0.21% of Bitcoin’s total hash rate (the aggregate computing power on the network) is using Solo CKPool. Bitcoin mining is more competitive and “difficult” than ever before, with the network’s hash rate and “difficulty” both reaching new heights. The latter is crucial in ensuring blocks are added, on average, once every 10 minutes, as intended by Bitcoin’s creator, Satoshi Nakamoto. As more miners join the network, the likelihood of submitting correct hashes becomes less likely without adding more machines.
In the past six months, data suggests that only eight blocks have been solved by Solo CKPool miners, and fewer than 300 since 2014. This accounts for roughly 0.3% of all blocks mined during both periods. The incredible luck of the recent winning solo miner, who has yet to move the BTC from a fresh address, was estimated to be a one-in-5,500 chance. To put that into perspective, the odds of winning the US Mega Millions jackpot, which was most recently worth $240 million, are currently around one in 303 million.
As the world of cryptocurrency continues to evolve, this solo miner’s accomplishment serves as a testament to the potential rewards of perseverance and dedication to one’s craft. Time will tell if this miner’s strike of luck will inspire others to participate in their own solo mining ventures and potentially contribute to the growth of the crypto ecosystem.
Source: Blockworks
