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Key Takeaways:
Persistence pays off: Despite the intimidating dominance of industrial-scale mining operations, this solo miner persisted. They understood that solo mining might be less predictable but presented unique opportunities.
Strategic adaptation: Flexibility and adaptability are crucial in cryptocurrency mining. Our solo miner recognised the importance of staying nimble and adjusting their approach as market conditions shifted.
Embracing opportunity: Winning the 3.125 BTC lottery wasn’t just about luck but also about recognising and seizing opportunities. By actively participating in the Bitcoin network and consistently contributing hash power, our solo miner maximised their chances of being selected as the lucky winner.
On April 29 2024, software engineer and administrator from Solo Mining Pool ckpool, Con Kolivas, announced on X that a miner had solved the 282nd solo block in BTC history.
Kolivas said, “The solo miner had a large hash rate of around 120PH (peta hashes) at the time, equivalent to around 0.12 EH (exa hashes), with an average of around 12PH over a week, which is roughly 0.02% of the total network hash rate.”
Armed with specialised hardware and a deep understanding of cryptographic puzzles, the solo miner set to validate transactions and secure the BTC network.
According to the report, mining a valid block solo is an infrequent event akin to winning the lottery. It is so rare that it has only occurred 282 times out of the 841,300 or so blocks produced since BTC’s inception 14 years ago. Mining BTC suggested that participants input computational power to solve and add the following block to the network. Due to the increased asset price, mining has exploded in popularity, increasing competitiveness, hash rate, and network horsepower, meaning it is almost impossible to solve a block alone.
Reaping the Reward: A Testament to Persistence
Block 850—a milestone in the blockchain’s history—promised a substantial reward for the miner who could successfully validate it. As the computational race unfolded, the solo miner’s efforts bore fruit. Amidst a sea of competing miners, their hardware churned through calculations until the solution emerged. They broadcasted their success to the network, cementing their place in BTC history as the validator of Block 850.
On April 20 2024, during BTC halving, the reward for solving block 841,286 was reduced from 6.25 BTC to 3.125 BTC at block 840,000, meaning it was worth around $200,000 at BTC prices. Kolivas suggested the block-solve, suggesting that this large miner either recently switched from pooled mining post-halving “presumably for no longer recouping their electricity costs for a chance at a solo block.”
He added, “Either that or they have been intermittently hashing/renting large amounts solo.” In March 2023, a solo miner netted the entire 6.25 BTC reward for solving a block, with a reward of $150,000. A couple of weeks before the BTC halving event, a solo miner solved block 837,814 with a 7PH hash rate, netting a reward of around $422,750. According to Bitinfocharts, the average hash rate is 618 EH/s, which hit an all-time high of 728 EH/s on April 23, 2024. Over the past 12 months, it has increased by more than 90%, making the latest solo mining achievement even more exceptional.