A Miner Who Earned Bitcoin Alone Earned $200K

MetaversePlanet September 2, 2024Last Updated: September 2, 2024

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A solo Bitcoin miner earned $200,000 by independently mining block 858,978. The dream of many in the mining community is to successfully mine a block on their own and claim the reward. In simple terms, the Bitcoin ecosystem can be compared to a large classroom.

Here, students calculate Bitcoin transactions within each block and then solve a mathematical problem using their calculators. In this classroom, with millions of students, large “pools” consisting of thousands of students solve most of the blocks and distribute the rewards among their members. It is quite rare for a single student to solve the problem on their own before anyone else.

A similar scenario occurred in Bitcoin mining, as revealed by blockchain data. Block 858,978 was solved by a solo miner. This block contained 2,391 cryptocurrency transactions. The fortunate miner was rewarded with 3.275 BTC for their efforts, which is approximately $200,000 at the current exchange rate.

He had to spend 4 months for a block

Solo CK Manager Dr. Con Kolivas congratulated miner 36AisvWi1UiwLTeTZxLzindAkorqeUc3tT for solving the 291st solo block on solo.ckpool.org. He commented, “This powerful miner, with a hashrate of 38 PH, could expect to solve a block approximately every 4 months on average.”

On the Bitcoin blockchain, new blocks are solved approximately every 10 minutes. Experts have highlighted this achievement as a prime example of how Bitcoin’s decentralized nature can benefit anyone.