A solo Bitcoin miner recently struck it rich, managing to mine an entire block using a relatively low-powered setup, earning approximately $350,000 in the process.
Bitcoin historian Pete Rizzo noted that this achievement was statistically remarkable, highlighting the unique odds the miner overcame. The mining pool administrator extended congratulations to the lucky individual, mentioning that they utilized only 2.3 peta hashes to accomplish this feat.
They pointed out that miners of this capacity face about a 1 in 2,800 chance of unlocking a block in a given day—roughly equivalent to once every eight years. This comes out to a mere 0.004% chance.
Data from Mempool Space indicates that the miner settled on block 903883, securing a total of 3.173 BTC, which equates to around $349,028.
Solo Mining Rig Capabilities
While the exact specifications of the mining setup remain unclear, it’s plausible that older generation ASIC miners were utilized. Smaller enthusiasts often rely on rigs like the Bitaxe Gamma, Futurebit Apollo BTC, or Canaan Avalon Nano 3, which only produce a modest amount of hash power.
USB miners, such as the Nerdminer Pro V2, have even less capacity and typically generate only kilohash per second, making it rare for them to achieve full block rewards.
To have a reasonable chance of mining a single Bitcoin block monthly, a solo miner would generally require about 166,000 Th/s of hash power. This level of capability necessitates an investment in the realm of millions, as previously discussed by Cointelegraph.
Previous Solo Mining Wins
Earlier this year, a solo miner managed to mine block 883,181, securing a reward of 3.125 Bitcoin, possibly using a Bitaxe setup. Another solo miner mined block 899,826 in early June, earning rewards close to $330,000.
It’s essential to recognize that in solo mining, the chances of success are largely based on probability. The 2.3 pH/s miner, for instance, faces around a 1 in 375,300 chance per block at current difficulty levels, according to available calculations.
Declining Mining Production
Meanwhile, significant players in the Bitcoin mining scene, such as Riot Platforms, Cipher Mining, and Mara Holdings, experienced a decline in production during June. Many of these companies strategically reduced their operations to mitigate high demand charges in Texas, which typically rise in the summer months.
As the discussions around Bitcoin versus stablecoins continue, the mining landscape remains complex and evolving.
