Mining a valid BTC block solo is so rare that the event has occurred only 270 times out of the 700,000 blocks produced in the last 13 years.
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A solo Bitcoin miner has managed to mine the 780,112th block in the Bitcoin blockchain, receiving a 6.25 Bitcoin (BTC) block reward in return. The estimated value of the payout is over $150,000.
The solo miner was also lucky to have produced a valid hash after just two days of mining, as the event itself is rare, and it can take months for a solo miner to produce a valid hash.
The rare event occurred on March 10 and was the 270th solo mined block in Bitcoin’s 13-year-long history. The event is rare because a solo miner of this size usually solves a block, on average, about once every 10 months.
Congratulations to miner39nDQ9BexEBXpRdkHY1z95CaMDEwh6muPW who solved the 270th solo block at https://t.co/UWgBvLkDqc with 6.7PH but doesn't appear to have been mining for very long https://t.co/WGVBC3QajX
— Dr. Con Kolivas (@ckpooldev) March 10, 2023
The miner created a solo mining pool using the Solo CK Pool mining service, for which they produced a valid block hash and were rewarded with 6.25 BTC, with a fee reward of roughly 0.63 BTC.
Con Kolivas, the Solo CK mining pool admin, noted that the miner behind the rare event might have temporarily rented hashing power to produce the output hash.
Bitcoin mining requires miners to input computational power to solve and add the next Bitcoin block to the network. However, with the growing popularity of BTC mining and the constant rise in the network hash rate and powerful mining machines, it’s near impossible for a solo miner to solve the whole block on their own.
Related: How to mine Bitcoin: A beginners guide to mine BTC
Thus, a valid block hash is often produced using the computational power of multiple mining rigs, all trying to mine the next block. The block reward is distributed according to the input hash rate of each miner in the mining pool.
The Solo CK mining pool has been behind several solo-mined Bitcoin blocks in the past as well. Two of these solo-mined blocks came in January 2022, only two weeks apart, with the first occurring on Jan. 11, 2022,at a block height of 718,124, followed by another on Jan. 24, at a block height of 720,175.
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As an enthusiast deeply entrenched in the world of blockchain and cryptocurrency, I bring a wealth of knowledge and expertise to the discussion surrounding the rare occurrence of solo Bitcoin mining, as highlighted in the article authored by Prashant Jha on March 13, 2023.
The significance of the event described in the article cannot be overstated. Solo mining a valid Bitcoin block is an exceptionally rare feat, transpiring only 270 times out of the 700,000 blocks produced over the course of the last 13 years. This rarity underscores the immense computational challenges faced by solo miners in successfully validating blocks and earning rewards.
The solo miner in question achieved the remarkable task of mining the 780,112th block in the Bitcoin blockchain. This accomplishment earned them a substantial 6.25 Bitcoin (BTC) block reward, translating to a monetary value exceeding $150,000. Such a payout is a testament to the potential financial gains that can be realized through solo mining, albeit with considerable difficulty.
What sets this event apart is not only the successful solo mining but also the efficiency with which it was executed. The miner managed to produce a valid hash after just two days of mining, a timeframe that is exceptionally short considering the typical months-long endeavor solo miners usually face to achieve such validation.
The solo miner utilized the Solo CK Pool mining service to create a solo mining pool. This service, administered by Dr. Con Kolivas, the Solo CK mining pool admin mentioned in the article, provides a platform for solo miners to contribute their computational power and collectively validate blocks. The miner was able to produce a valid block hash and received a block reward of 6.25 BTC, coupled with a fee reward of approximately 0.63 BTC.
It's noteworthy that the efficiency of the solo miner may be attributed to the potential use of temporarily rented hashing power. Dr. Con Kolivas pointed out that the miner behind this rare event might have leveraged additional hashing power to expedite the process of producing the output hash.
The article also delves into the broader context of Bitcoin mining, emphasizing the increasing difficulty for solo miners due to the growing popularity of BTC mining, rising network hash rates, and the prevalence of powerful mining machines. The collaborative approach facilitated by mining pools, where multiple miners combine their computational power, has become a norm to overcome these challenges and increase the chances of successfully mining a block.
In conclusion, the rare solo mining event discussed in Prashant Jha's article sheds light on the evolving landscape of Bitcoin mining, the challenges faced by solo miners, and the innovative solutions, such as mining pools, employed to enhance the efficiency and probability of success in this competitive arena.
