An independent miner successfully mined a Bitcoin block on Sunday, receiving a reward of 3.137 BTC, which was worth approximately $371,000 at the time.
The miner operated through the Solo CK mining pool (a service for independent miners) and mined block 910440, earning the standard 3.125 BTC plus about 0.012 BTC in transaction fees. This block contained 4,913 transactions, with total transaction fees amounting to $1,455.
Given that Bitcoin's hash power is primarily dominated by large-scale industrial mining enterprises, the chances of an independent miner successfully mining a block are extremely low. However, even smaller participants can achieve the same block rewards in rare cases, provided they have efficient hardware.
This year, several independent miners with small equipment have successfully received block rewards. One miner successfully mined a block in February, while another received a reward of $350,000 on July 4. On July 27, yet another independent miner mined a block alone, earning a reward of $373,000.
Samuel Li, the Chief Technology Officer of mining equipment company ASICKey, previously pointed out to Cointelegraph that independent Bitcoin miners' success is not due to luck, but rather because they possess "powerful and efficient hardware."
Li stated that modern mining equipment can provide strong hash power while consuming significantly less electricity than traditional mining machines. However, this does not mean that the probability of success for independent miners has changed.
Li explained to Cointelegraph, "Independent mining is still primarily a lottery game, unless you control tens of PH/s of hash power, which is actually the minimum threshold to achieve measurable success within a reasonable timeframe."
Li noted that a miner with 1 PH/s of hash power has a one in 650,000 chance of mining a block every 10 minutes.
Even established Bitcoin mining companies are feeling the pressure from the ongoing increase in network difficulty and hash power, as well as the reduced block subsidies due to BTC halving.
According to CryptoQuant, as of the time of writing, the Bitcoin network difficulty has reached 1.29 trillion, nearing its historical high. The data also indicates that network difficulty has only shown an upward trend over time.
To cope with the increasingly fierce competition and declining mining profitability, large mining companies have diversified their operations into artificial intelligence and high-performance computing (HPC) sectors.
Related: Strategy increased its holdings by 430 Bitcoin (BTC) for $51.4 million last week.
Original article: “Another Independent Bitcoin (BTC) Miner Mines $371,000 Block Reward”
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