Patience and persistence have paid off for a solo Bitcoin miner who, using a pocket-sized mining rig, defied the odds and successfully mined a Bitcoin block, earning an impressive $263,000 reward. This rare achievement highlights the unpredictable nature of Bitcoin mining and the potential of open-source, small-scale mining equipment.
A 1 in a Million Chance Pays Off
The miner, who participated in the solo.ckpool mining pool managed to solve Bitcoin block 887,212 on March 10 at 7:22 PM UTC. According to Con Kolivas, the developer of solo.ckpool, this miner became the 297th individual to successfully mine a block through the pool. The feat was achieved using a Bitaxe mining rig with a hash rate of just 480 gigahashes per second (GH/s).
For perspective, large-scale Bitcoin mining operations utilise machines with hashing power exceeding 230,000 GH/s, making the solo miner’s success even more astonishing. Kolivas estimated that a miner with such a low hash rate has less than a one in a million chance of mining a block per day. On average, it would take around 3,500 years to achieve this feat.
How Much Did the Miner Earn?
The solo miner received a total of 3.15 BTC for solving the block. This included the standard 3.125 Bitcoin block reward and an additional 0.025 BTC from transaction fees, as confirmed by mempool.space data. While this incredible win has captured the attention of the crypto community, most pocket-sized mining rigs are not profitable.
Bitcoin Mining: Dominated by Large Pools
Although solo mining successes like this make headlines, most Bitcoin mining power is concentrated in large pools. Foundry USA, for instance, commands a significant share of the Bitcoin network’s hash rate, thanks to contributions from major public miners like Cipher Mining, Bitfarms, and Hut 8.
Similarly, MARA Holdings, the largest public Bitcoin mining company by market cap, operates its own mining pool, MARA Pool. These massive mining operations leverage industrial-scale infrastructure to maintain profitability in an increasingly competitive landscape.
When Patience and Persistence Pay Off
While this solo miner’s incredible win is a testament to the unpredictability of Bitcoin mining, it also highlights the broader discussion about accessibility and decentralisation in the industry. Open-source mining projects may not offer significant profitability, but they contribute to Bitcoin’s core ethos of decentralisation and transparency.
For most individuals, joining a large mining pool remains the most viable way to earn Bitcoin through mining. However, for enthusiasts and those who believe in the decentralised principles of Bitcoin, pocket-sized mining rigs may still have a place in the ecosystem.
Stay informed,
Rodcas Consulting Group