Lucky day – Does proof of work and the increase in bitcoin (BTC) mining difficulty to relatively high levels necessarily put small miners out of the race, in favor of large cryptocurrency mining companies? This solo miner is a reminder that in the lottery, a single ticket can sometimes win you big… even if the odds are against you!
Bitcoin mining and hashrate: an outsider wins the race
This solo bitcoin miner is one of those who do lie statistics regarding bitcoin mining. He managed to mine block 718,124 with a computing power that amounts to only 126 terahash per second (TH/s).
This miner, which surprised the BTC community, is part of a ckpool solo mining pool. Users of this type of pool use their own mining hardware. The pool, on the other hand, offers services to benefit from different functionalities such as the execution of BTC nodes on behalf of its customers.
The miner will earn the reward of 6.25 BTC worth approximately $277,000 at the current price, less the 2%, or 0.125 BTC, taken by the mining pool. He will additionally receive the block transaction fee which amounts to around 0.1 BTC according to data from BTC.com.
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A bit of a bitcoin lottery: the solo miner who defies statistics
Bitcoin’s global hash rate stands at over 170 exahash per second (EH/s). This lucky miner only delivered 0.000073% of Bitcoin’s hashrate with its 126 TH/s. It actually only had a 1 in 1.36 million chance of successfully mining a block.
This solo miner was competing against mining giants. Major Bitcoin mining pools like AntPool and Poolin feature with a hashing power of PE/s, 1 PE/s being equal to 1 million TH/s.
Another ckpool miner had also managed to win the race for the validation of block 712,217, on December 2, 2021. Ckpool ranks 15th position of the BTC mining pools, at the time of this writing.
Is bitcoin mining destined to become increasingly concentrated in the hands of big corporations? The ex-boss of Twitter and founder of Block (ex-Square) could solve some problems relating to mining with his future ASICs.
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