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Bitcoin

Bitcoin Jackpot: Solo Bitcoin Miner Nets $360,000 To Beat 1 In 800 Odds

Scott Matherson
by Scott Matherson
2 weeks ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A solo Bitcoin miner has pulled off what many miners would consider a near-impossible feat, mining a single block worth more than $370,000 in rewards. The miner, working through a solo mining pool called Solo CK, successfully added block 910,440 to the Bitcoin blockchain. Although it appears to be a normal mining block, the circumstances surrounding this achievement are significant, given the challenges of solo mining and the competition in Bitcoin mining.

Massive Reward From Block 910,440

The successful block came with a reward of 3.125 BTC, the standard payout after the most recent halving in 2024, and an additional 0.012 BTC in transaction fees, bringing the total to 3.137 BTC. At the time of mining, this was valued at approximately $362,376. According to data from Mempool.space, the block contained nearly 5,000 transactions (4,913 transactions to be exact). Depending on Bitcoin’s price fluctuations at the time, estimates from Mempool placed the final value of the reward at the current time of writing at $371,576.

Related Reading: US Treasury Secretary Reveals What Will Be The Foundation Of The Strategic Bitcoin Reserve

The most interesting thing about this jackpot is its improbability. According to Con Kolivas, administrator of the Solo CK pool, even with a substantial computing power of 9 PetaHashes per second, the miner only had about a one in 800 chance of mining a block within a single day.

In fact, the probability of success every 10 minutes with one petahash of hashing power is closer to one in 650,000. This is why most miners join large mining pools, where rewards are split but payouts are more consistent. Solo mining is free from pool fees but comes with long stretches of no income and an exceptionally low chance of success.

The Difficulty Of Solo Mining

Bitcoin’s mining difficulty has been trending upwards in recent months in tandem with Bitcoin’s price action reaching new highs. According to data from CoinWarz, the Bitcoin mining difficulty is at an all-time peak of 129.44 Terahash following steady gains of 2.51% over the past 30 days and 6.39% in the last 90 days. 

Related Reading: Brace For Impact: Bitcoin Price Could Crash To $110,000 Amid Signs Of Exhaustion

This steady increase in the Bitcoin mining difficulty is due to the increase in large industrial farms with fleets of ASICs that push smaller operators to the sidelines. Hence, most miners choose to join pools and sacrifice a huge chunk of their potential payouts. 

Bitcoin
Source: Chart from Coinwarz

Solo mining, by contrast, comes with the slim possibility of capturing an entire block reward at fewer intervals. For instance, data from Mempool.space shows that the Solo CK miner only mined one block in the past week. Bitcoin blocks are mined at an interval of 10 minutes, but the miner has been able to successfully mine a block only 15 times in the past 12 months.

Bitcoin
BTC trading at $115,450 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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