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 attain this.
Solo Bitcoin Miner Makes Historical past
The solo miner was capable of 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 method 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 measurement would solely remedy 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 probably the most attention-grabbing factor about this improvement is that the miner achieved this outstanding reward when mining issue was virtually at an all-time excessive of 52.39.
Usually, mining Bitcoin with simply 1 PetaHash appears unattainable in comparison with different BTC solo miners that had been capable of pull this off up to now who had hash charge capability in exa-hashes.
It’s virtually unattainable 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 charge and highly effective mining tools.
BTC miners are required to enter computational energy to resolve and add the following Bitcoin block to the community, which creates a legitimate block hash whereas utilizing the computational energy of a number of mining rigs.
Nonetheless, because the miner was utilizing the Solo CKpool, it permits miners with outdated or inefficient tools to pool their mining energy collectively, growing their probabilities of fixing a block, which is what occurred right here. Of their case, this miner was capable of 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 capable of obtain this spectacular feat in March and June this 12 months utilizing a Solo CKpool and is the third time that is occurring to date in 2023.
Rise In Hashrate Triggers Surge In Mining Problem
Over the previous few months, the Bitcoin hashrate has been rising rapidly, ultimately 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 a number of days afterward July 12. Nonetheless, 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
However, each the Bitcoin hashrate and difficulty are considerably increased in comparison with the beginning of 2023, which makes the solo miner’s achievement much more spectacular. Nonetheless, 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 could convert to increased costs for the cryptocurrency.
Featured picture from Unsplash, chart from Tradingview.com