In a remarkable turn of events, a solo Bitcoin miner has achieved an extraordinary feat by successfully solving block 803,821. This outstanding accomplishment has earned the miner an esteemed reward of 6.25 BTC, currently valued at over $160,000. This took place on August 18, marking the miner as the 277th solo miner in Bitcoin’s history to achieve such a breakthrough.
A Rare Achievement Amid Unfavorable Odds
It is worth noting that this event is a rarity, as miners of such magnitude typically solve a block of this complexity approximately once every seven years. The miner, identified by the tag bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6, employed the Solo CKpool mining service to accomplish this incredible feat.
The administrator of Solo CKpool, Con Kolivas, speculates that this solo miner operated an S17 Bitcoin Miner with a hash power of merely 1 PetaHash, an astonishingly low figure compared to most BTC mining entities.
Congratulations to miner bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6 with ~1PH of hashrate at solving the 277th solo block at https://t.co/UWgBvLkDqc! A miner of this size would only solve a block solo on average once every 7 years at current diffhttps://t.co/cNgm1KUqvw
— Dr. Con Kolivas (@ckpooldev) August 19, 2023
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Solo CKpool Enables Success Against the Odds
Through the capabilities of Solo CKpool, this underdog miner was able to compete despite limited hash power. The pool is specifically designed for miners with outdated or inefficient equipment that would otherwise yield no rewards through regular mining.
However, Solo CKpool offers a unique opportunity for these miners to engage in a kind of “lottery” mining process. Amazingly, lucky users who successfully solve a block are entitled to retain 98% of the reward.
This marks the third time this year that a solo miner utilizing Solo CKpool has achieved such a milestone. Notably, two independent miners accomplished similar achievements in March and June.
BTC Hashrate Surges Amid Price Struggles
While Bitcoin has been grappling with price struggles, its mining hash rate has been progressively increasing over the past week. Recent data from blockchain.com reveals that Bitcoin’s hashrate surged to an all-time high of 414 EH/s on August 18, only to settle at the current level of 410.0 EH/s.
Despite the remarkable surge in hashrate, miners are about to face an imminent challenge. The forthcoming mining difficulty adjustment is expected to lead to a 7% rise in difficulty, as projected by Bitrawr. This increase in difficulty could potentially impact profitability, further adding to the hardships faced by miners in the current market conditions.
Read Also: Costs Of Mining 1 Bitcoin (BTC) In Various Countries Unveiled, Binance CEO Reacts
Texas Miners Facing Additional Challenges
Miners based in Texas might find themselves particularly affected by the current circumstances. A combination of soaring energy prices and heat waves within the state has led to voluntary shutdown requests from the Electric Reliability Council of Texas (ERCOT), the state’s electricity provider. This situation has introduced additional complexities for miners operating in the region.
The recent accomplishment of the solo miner emphasizes the significant developments taking place within the Bitcoin community, showcasing that even against formidable odds, independent miners still have the potential to make remarkable strides in the ever-evolving world of crypto mining.
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