A rare event recently unfolded in the world of Bitcoin mining. A solo miner successfully solved block 841,286 by himself, earning a reward of 3,125 BTC. As of the latest valuation, this amount of Bitcoin is worth approximately $194,709.
Bitcoin mining typically involves using specialized devices either individually or as part of larger mining pools. Those who mine solo, like in this instance, keep the entire reward, whereas those in pools share any rewards received.
This occurrence highlights the significant, albeit infrequent, potential gains for solo miners in the competitive arena of cryptocurrency mining.
It’s like winning a lottery
If you invest in a Bitcoin mining device today, you might start earning some money, but the chance of winning the reward for an entire block is akin to winning a lottery.
According to Con Kolivas, the manager of the mining pool ckpool, a solo miner has only managed to claim the full block reward 282 times.
It’s important to note a recent change affecting these rewards. A few weeks ago, Bitcoin underwent a “halving” event where the reward for mining a block was reduced from 6.25 BTC to 3.125 BTC.
Had the miner in this news story mined their block just a few weeks earlier, they would have earned 6.25 BTC, valued at approximately $400,000.
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