As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed numerous groundbreaking events that have shaped the industry landscape. The recent feat accomplished by the solo Bitcoin miner using Solo CK pool is one such event that has caught my attention.
A solitary miner has sparked excitement throughout the crypto realm by successfully mining an entire block on his own. This is an uncommon feat in the cutthroat Bitcoin mining sector, where it’s typically dominated by large-scale mining operations like Bit Digital, Riot Blockchain, and Marathon Digital. Here are some key details:
Solo CK Bitcoin Miner Defies High Hashrate
As reported by Mempool.space, a mining pool called Solo CK, which unites the computational power of numerous smaller miners, successfully mined Block 860749 on September 10. This block encompassed approximately 5,935 transactions and yielded a reward of about 3.169 Bitcoins, equivalent to roughly $182,505.
Within a mining pool, it’s the individual miner who solves the block puzzle that receives the reward. This is what large-scale miners strive for in their quest for profits. It so happened that when this specific block was being processed, the miner employed 629 petahashes of computational power. This amount represents a tiny fraction – just 0.098%, to be exact – of the total power safeguarding the blockchain.
The Bitcoin transaction tracker YCharts data showed that the transaction clocked in at 644.91 exahashes per second (EH/s). This comes less than two weeks after Bitcoin hashrate hit a new all-time-high (ATH) of 742 EH/s. Compared to a year ago, when the hashrate was at 395.70 EH/s, this new ATH is a 62% boost.
Due to the high level of hashrate, miners find themselves needing to spend more on hardware and energy expenses. Moreover, an increased hashrate leads to longer confirmation and transaction periods, which can make it tough for individual miners (solo miners) to confirm a block successfully. This recent achievement by solo miners is all the more impressive since they have only managed to solve a block 290 times out of the total 859,000 blocks mined since Bitcoin’s launch in 2009.
The Footprint of Solo CK’s Individual Miners
In the past year, Solo CK has successfully mined other blocks, earning it 59.3 Bitcoins, currently valued at approximately $3.4 million. On August 30 alone, a miner from this pool was rewarded roughly $200,000 for processing a single block. Additionally, another Solo CK miner was honored with solving block 853,742 and received an award of $210,000 for their hard work.
After the April 2020 halving event, the complexity of Bitcoin mining escalated to unprecedented levels, boosting the total mining difficulty to approximately 88.1 trillion. This surge made it challenging for numerous miners, including myself, to reap the entire block reward solely. However, against all odds, an individual miner from Solo CK successfully mined Bitcoin block 841286 in its entirety, which contained a total reward of 3.43 BTC. Equipped with a hash rate of around 4.4 EH/s, this miner was able to amass a total of 5,460 coins as a result.
As an analyst, I’d like to highlight that the mining difficulty is a crucial metric that quantifies how challenging it is to mine a fresh block in a cryptocurrency network, such as Bitcoin. When more miners join the competition, the difficulty tends to increase, making it harder for each individual miner to find a new block. Conversely, if there’s a decrease in the number of miners, the mining difficulty decreases as well, making it easier for remaining miners to discover new blocks.
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2024-09-11 13:21