‘Bitcoin Rush’: Small-Time Solo Miners Strike Gold With Full BTC Blocks
January 27 2022 - 2:30PM
NEWSBTC
Small-time bitcoin miners are making headlines for essentially
hitting the jackpot by mining full blocks all on their own. In what
has become a modern-day ‘gold rush’, bitcoin enthusiasts are now
taking to booting up small USB miners will tiny hash rates to try
their luck in what is eerily similar to buying lottery tickets.
Among the miners who have rushed to this, a few have hit the
ultimate prize. Solo Bitcoin Miner Gets Full Block In an unlikely
event, a solo miner was able to mine a full bitcoin block with a
low hash rate. This was made public by Dr. Kolivas, a software
engineer that contributed to the development of the Cgminer. He
revealed that the solo bitcoin miner had been able to solve a full
block by themselves using only 86TH. This took place at a block
height of 270,175. Congratulations to another miner with
approximately 86TH solving a solo block on https://t.co/UWgBvLkDqc
! There are a lot more miners now on the solo pool and if enough
people are mining solo, someone will eventually be the lucky one as
here. https://t.co/Hqte2achR4 pic.twitter.com/0ZT635LicD — Dr. Con
Kolivas (@ckpooldev) January 24, 2022 Related Reading
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Another Wave Of Selling The miner who is part of a mining
pool that allows solo miners pool their hash rates together to
increasing their chances of solving a block was able to get the
full block reward after solving. The miner had gotten the full
block reward of 6.25 BTC, netting them a total of more than
$220,000 at current prices, in addition to the transaction fee paid
to the block miner. With such low computational power as the one
possessed by this miner, it makes it near impossible for them to be
able to mine a block by themselves. They would not be the first to
get lucky. Two weeks ago, another solo miner from the same mining
pool had hit the same jackpot, mining a block and earning the full
block reward plus transaction fees. The BTC Rush One thing about
proof of work mechanisms is the high computation power required to
mine bitcoin blocks. As more players enter into the mining space,
armed with millions of dollars in institutional backing, being a
small-time miner is nearly unprofitable. This is why mining pools
like the ckpool exist. BTC recovers above $36,000 | Source: BTCUSD
on TradingView.com In these pools, solo miners are able to bring
their low computational power together to increase their chances of
finding a block. Dr. Kolivas explained that while this miner had
fluctuated in their mining power, they were able to solve the block
with only 8.3 terahashes. Related Reading | Anthony Scaramucci
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Laying out the math, he explained that by pooling their hashes,
miners were able to increase their chances of solving a block to a
1 in 5 chance or a 20% chance. As more miners join the pool, the
chances to go solve a block go up. In a reply to another user, Dr.
Kolivas explains that if the current hashrate were to increase by
4, then the chances of mining a block jump to 63%. Featured image
from Pinterest, chart from TradingView.com
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