An extraordinary event took place in the realm of Bitcoin mining on April 28th, when a lone miner successfully mined a block, earning the entire block reward and transaction fees amounting to $218,000.
A One in Five Thousand Chance Becomes Reality
Using CKpool’s solo Bitcoin mining software, the miner accomplished an impressive feat by gaining 3,433 BTC, which is equivalent to approximately $218,544. This remarkable achievement, as reported by Bitcoin explorer Mempool, includes 0.308 BTC from transaction fees worth $19,607, and a block reward of 3.125 BTC totaling $198,937.
The successful Bitcoin miner, identified by the address 365ug…, achieved this feat with a hashrate of around 120 PH/s. This is noteworthy considering the enormous computing power of the entire Bitcoin network, which is approximately 638 EH/s. The solo miner’s success, with an estimated probability of about 0.02% or one in five thousand, has been recorded as a significant event in the mining world.
While such occurrences are relatively rare, they are not unprecedented. In the past, solo miners with significantly lower hashrates have defied seemingly insurmountable odds to claim block rewards. For example, in 2022, a solo miner with only 126 TH/s hashrate achieved a similar feat, winning a reward worth approximately $260,000 despite the odds of one in 1.3 million.
CKpool developer Con Kolivas speculated on the possible reasons behind the solo miner’s success, suggesting that the miner might have recently switched from pool mining following the fourth block reward halving in April. Alternatively, the miner could have intermittently mined solo or independently leased significant computing power.
Bitcoin Mining Continues to Attract Enthusiasts
Bitcoin’s fourth block reward halving on April 20th marked a significant milestone in the supply of the largest cryptocurrency, reducing the block reward per mined block from 6.25 BTC to 3.125 BTC. Despite this change, the recent success of the solo miner demonstrates that individuals and organizations dedicated to mining continue to find Bitcoin mining appealing.
Ultimately, the success of the solo miner serves as a testament to the resilience and ingenuity of participants in the Bitcoin mining ecosystem. As the world of Bitcoin continues to evolve and transform, events like these highlight the dynamic nature of cryptocurrency mining and the potential rewards that await those who overcome its challenges with skill and determination.
Disclaimer: The information provided in this article should not be considered investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry significant risks, and should conduct their own research.
