Another solo Bitcoin miner has just hit the Bitcoin mining jackpot, successfully processing a Bitcoin block against all odds and netting themselves just shy of $200,000.
The miner processed block number 858,978 at 4:21 pm UTC, according to data from the Bitcoin block explorer Mempool.space. The block contained 2,391 transactions, and the miner received 3.27 BTC, worth $199,094 at current prices, for their efforts.
The solo miner netted 9,000 for their efforts. Source: Mempool.space
Notably, the miner responsible for processing the block was the Solo CK Pool, which is a solo-mining pool that doesn’t act like a typical mining pool.
According to Mempool data, the Solo CK miner utilized 456/PH worth of hashrate at the time the block was solved.
The average network hashrate is currently 665 EH/s, meaning the miner that processed the transaction was running at around 0.012% of the average hashrate.
Bitcoin’s hashrate hit an all-time high of 754 EH/s on July 23, according to BitInfoCharts
Bitcoin hashrate since October 2021. Source: Bitinfocharts.
Despite its name, the SoloCK “pool” combines the hashrate of small miners but only distributes the reward to the miner that was responsible for solving the block.
Related: Solo Bitcoin miner wins the 3.125 BTC lottery, solving valid block
The SoloCK miner solved 14 Bitcoin blocks in the last year, receiving 59.3 Bitcoin, which is worth $3.5 million at current prices.
The SoloCK “pool” has earned .5 million in the last year. Source: mempool.space
Due to the prominence of large mining firms such as Riot Blockchain and Marathon Digital, which command massive amounts of hashrate power, it’s a rare occurrence for solo miners to successfully validate a block.
A solo miner successfully processing a block is so rare that it has only occurred roughly 290 times out of the 859,000 blocks produced since Bitcoin’s inception 14 years ago.
In March 2023, Cointelegraph reported that a solo miner netted the entire 6.25 BTC reward for solving a block. However, the price of Bitcoin was much lower, and the reward was around $150,000.
The most recent solo-mined block was on July 25, when a solo miner solved block 853,742, netting a reward of around $210,000 at the time.
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