In a remarkable achievement within the Bitcoin mining community, a solo miner boasting a hashrate of just 6 TH/s successfully mined block #924,569 on the Bitcoin network, securing a reward of 3.146 BTC, valued at approximately $264,558.
Con Kolivas, the administrator of CKPool, lauded the miner’s feat, noting the significant luck involved given the extremely low odds associated with mining a block with such limited computational power—estimated at about 1 in 1.2 million chance per day. This victory stands testament to the unpredictable nature of cryptocurrency mining.
Data from Glassnode reveals that the global Bitcoin hashrate, calculated using a seven-day moving average, is around 1.05 ZH/s. This figure is staggering—263,750 times greater than the solo miner’s total capacity, highlighting the sheer competitiveness of the mining landscape.
The block reward included transaction fees contributing an additional 0.021 BTC, or roughly $1,802, which accounts for around 0.7% of the total earnings from the block. It is important to note that in recent months, the share of network fees in overall miner revenue has seen a significant decline, dropping below 1% for the first time in a year, as the primary income source remains the block reward, currently fixed at 3.125 BTC.
CKPool, the mining pool enabling solo miners to take part in Bitcoin mining, operates with the intention of allowing individuals to claim the full block reward upon successful mining. The platform charges a 2% fee on rewards, making it a popular choice among smaller and solo miners.
This successful block mining represents CKPool’s 308th instance since its establishment in 2014, while the previous solo block was mined in September, yielding a reward of 3.13 BTC, which was valued at $347,980 at that time. In earlier October, another individual miner connected to the Public Pool site managed to mine Bitcoin block #920,440, receiving a reward of 3.141 BTC.
The unpredictable nature of mining achievements continues to captivate the cryptocurrency community, showcasing both the potential rewards and the inherent risks associated with this digital endeavor.
