On August 18, a solo miner managed to resolve block 803,821, securing a outstanding 6.25 Bitcoin block reward valued at $160,000. It is a very uncommon occasion as lone miners have a decrease likelihood of mining a block because of the enhance in mining issue and this solo miner grew to become the 277th solo miner in bitcoin’s historical past to realize this.
Solo Bitcoin Miner Makes Historical past
The solo miner was in a position to pull off this outstanding achievement utilizing the Solo CKpool mining service. The miner recognized with the tag bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6 used an S17 Bitcoin Miner with a hash energy of roughly 1 PetaHash which is approach lesser than most BTC mining entities, as was speculated by Con Kolivas, the administrator of Solo CKpool.
Congratulations to miner bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6 with ~1PH of hashrate at fixing the 277th solo block at https://t.co/UWgBvLkDqc! A miner of this dimension would solely resolve a block solo on common as soon as each 7 years at present diffhttps://t.co/cNgm1KUqvw
— Dr. Con Kolivas (@ckpooldev) August 19, 2023
Maybe essentially the most attention-grabbing factor about this growth is that the miner achieved this outstanding reward when mining issue was nearly at an all-time excessive of 52.39.
Usually, mining Bitcoin with simply 1 PetaHash appears inconceivable in comparison with different BTC solo miners that have been in a position to pull this off prior to now who had hash fee capability in exa-hashes.
It’s nearly inconceivable for a solo miner to resolve a whole block on their very own, because of the elevated recognition of BTC mining and the persistent rise within the community hash fee and highly effective mining gear.
BTC miners are required to enter computational energy to resolve and add the following Bitcoin block to the community, which creates a sound block hash whereas utilizing the computational energy of a number of mining rigs.
Nevertheless, for the reason that miner was utilizing the Solo CKpool, it permits miners with outdated or inefficient gear to pool their mining energy collectively, rising their probabilities of fixing a block, which is what occurred right here. Of their case, this miner was in a position to retain 98% of the reward.
BTC worth places reward for a single block over $160,000 | Supply: BTCUSD on Tradingview.com
The miner now joins two different solo miners who’ve been in a position to obtain this spectacular feat in March and June this yr utilizing a Solo CKpool and is the third time that is occurring up to now in 2023.
Rise In Hashrate Triggers Surge In Mining Problem
Over the previous couple of months, the Bitcoin hashrate has been rising quickly, finally hitting an all-time excessive in July. In response to this, the mining issue surged shortly and touched its personal ATH in the identical month.
By July 8, the Bitcoin mining hashrate was at 538.05 EH/s and issue surged to 53.9112T just a few days afterward July 12. Nevertheless, since then, it has tapered off with hashrate dropping 26% to 424.76 EH/s and issue dropping round 3% to 52.39T.
Mining issue rises to new ATH | Supply: CoinWarz
Nonetheless, each the Bitcoin hashrate and issue are considerably increased in comparison with the beginning of 2023, which makes the solo miner’s achievement much more spectacular. Nevertheless, as hashrate and issue proceed to rise, such occurrences are anticipated to be fewer as miners with giant hashrates dominate the market.
In the long run, the winner is the Bitcoin community which turns into stronger for it with the elevated hashrate. Additionally it is helpful to BTC buyers as an increase in hashrate suggests there may be extra curiosity within the digital asset and this may convert to increased costs for the cryptocurrency.
Featured picture from Unsplash, chart from Tradingview.com
