In a Sea of Mining Giants, One Solo Miner Strikes Digital Gold by Finding Bitcoin Block 841,286

Mining bitcoin (BTC) has become significantly challenging, with the network’s difficulty reaching an all-time high of 88.10 trillion. This complexity, coupled with powerful mining pools that dominate the scene, has left solo miners with modest and older equipment struggling to compete. Most miners with even a few application-specific integrated circuit (ASIC) miners typically join pools to enhance their chances of earning block rewards, which are then shared among participants.

Nevertheless, some miners still opt to go it alone, or join pools designed to let them keep a substantial share of the rewards if their work was instrumental in discovering a block. One such pool is Solo Ckpool, which incentivizes individual efforts. Remarkably, on April 28, 2024, an administrator of this pool announced that a fortunate solo miner successfully mined block 841,286, marking a notable achievement in the post-halving era.

“Congratulations to miner 365ughTgK9Q7rXXTM7vubqy1awZ2AZJijP for solving the 282nd solo block solved at [Solo Ckpool] with a large ~120PH at the time (12PH average over a week),” the Ckpool dev posted on X. “From the block solve summary, one can postulate that this large miner either recently switched from pooled mining post-halving (presumably for no longer recouping their elec. costs) for a chance at a solo block, or has been intermittently hashing/renting large amounts solo,” the Ckpool developer added.

The news arrives as the hashprice, or the expected value of one petahash per second (PH/s) of hashing power per day, has dipped below $50 per petahash. At 8 a.m. EDT on April 28, 2024, the network’s hashprice was recorded at $49.62 per petahash. There has been a decrease in overall hashrate, evident from the three-day simple moving average (SMA), which shows a drop to 605 exahash per second (EH/s) from a peak of 655 EH/s observed just three days prior. With the hashrate declining and block intervals exceeding the usual ten-minute mark, the anticipated difficulty adjustment set for May 8, 2024, is expected to see a reduction.

In the high-stakes arena of bitcoin mining, where the network’s difficulty coasts along at unprecedented levels, the discovery of a block by a solo miner becomes an unfathomable event. The solo miner’s success story underscores the element of chance still present in the mining landscape, particularly for those opting to go it alone. It serves as a reminder that despite overwhelming odds and dominant mining pools, solo miners can still strike digital gold, albeit far more infrequently.

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