Miracle in Mining: Lone Bitcoin Miner Hits Jackpot with a Bare 2 PH/s of Computing Power
A recent event of remarkable significance in the world of cryptocurrency saw a lone Bitcoin miner hit a jackpot. Despite operating with a minuscule 0.0004% of Bitcoin’s total hashpower, the solo miner succeeded in discovering block 818,588, verifying an impressive count of 4,193 transactions. This breathtaking accomplishment fetched the miner a considerable reward totaling 6.887 BTC, which incorporates the 6.25 BTC subsidy along with transaction fees.
Defying the Odds: Solo Miner Scores with a Mere 2 PH/s Hashrate
Reflecting a parallel happening in late October, the miner, associated with Solo Ckpool, achieved successful mining of the block. The distinct nature of Ckpool is its support for independent miners by permitting them to pocket the entire block reward, as opposed to other pools where the rewards are usually distributed.
The overseer of Solo Ckpool, Con Kolivas, pointed out that this was the 279th block successfully mined on the pool. Observing the exceptional nature of the event, he made a note of the unlikelihood attached with the achievement, stating that “A miner of this size would crack a block only once every 5 years on average”, thus emphasizing the stroke of spectacular luck that the miner had in this instance.
Adding perspective to the event, the Bitcoin network’s overall hash power is roughly 488 exahash per second (EH/s), or 488 quintillion hashes each second. In contrast, the solo miner, who contributed a meager 2 PH/s, or 2 quadrillion hashes, accounted for just 0.0004% of the total hash power of the network. This fact only serves to illustrate the slim odds of the feat he accomplished.
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Frequently asked Questions
1. How did this solo Bitcoin miner achieve a block reward with such a small percentage of the total hashpower?
The solo Bitcoin miner achieved this feat by leveraging their mining power of 2 PH/S, which, although considered relatively low compared to the total hashpower, was still sufficient to solve a block and earn a reward.
2. What does it mean for a solo miner to hit the block reward?
When a solo miner hits the block reward, it means that they successfully completed the complex mathematical calculations required to validate and add a new block to the Bitcoin blockchain, thereby earning the associated reward in the form of newly minted Bitcoins.
3. How significant is a 0.0004% share of the total hashpower in Bitcoin mining?
While a 0.0004% share of the total hashpower may seem small, it is a testament to the decentralized nature of Bitcoin mining. It demonstrates that even independent miners with relatively limited computing power can occasionally solve a block and receive rewards.
4. What is the typical hashpower required to achieve a block reward in Bitcoin mining?
The hashpower required to achieve a block reward in Bitcoin mining is dynamic and adjusts based on the total computational power of the network. Currently, the network hashrate stands at X TH/S, and miners with higher hashpower have better chances of solving blocks and earning rewards.
5. What challenges do solo miners face compared to larger mining pools?
Solo miners face several challenges compared to larger mining pools. These include higher variance in block rewards, lower chances of solving blocks due to limited hashpower, and the absence of regular income that mining pools provide through proportional distribution of rewards.
6. Is the success of this solo miner repeatable, or was it simply a stroke of luck?
The success of this solo miner can be attributed to a combination of luck and the miner’s continuous efforts. While luck plays a role in solving blocks, the miner’s consistent mining over time with their 2 PH/S hashpower increased their chances of eventually hitting the block reward.
7. Can solo mining be a profitable endeavor for individual miners in the long run?
Solo mining can be a profitable endeavor for individual miners, but it is highly dependent on various factors such as the miner’s hashpower, electricity costs, and the overall competitiveness of the network. With the right conditions and a stroke of luck, solo miners can indeed achieve long-term profitability.