Almost $200,000 has been won by a lone Bitcoin miner who recently hit the mining lottery by processing a Bitcoin block against all odds.
Utilizing the Solo CK pool, a lone Bitcoin miner solved a block using under 0.012% of the average hashrate.
The Bitcoin block explorer Mempool. Space reports that at 4:21 PM UTC, the miner completed processing block number 858,978. There were 2,391 transactions in the block, and the miner got paid for their work with 3.27 BTC, or $199,094 at the current exchange rate.
Notably, the Solo CK Pool, a solo-mining pool that functions differently from other mining pools, was the miner in charge of processing the block.
The Solo CK miner used 456/PH worth of hashrate at the moment the block was solved, based on Mempool statistics.
The miner who completed the transaction operated at about 0.012% of the network’s average hashrate, now 665 EH/s.
According to BitInfoCharts, the hashrate of Bitcoin reached an all-time high of 754 EH/s on July 23.
Despite its name, the SoloCK “pool” solely rewards the miner that solved the block; it does not aggregate the hashrate of smaller miners.
In the past year, the SoloCK miner has solved 14 Bitcoin blocks and earned 59.3 BTC, or $3.5 million at the current exchange rate.
It is challenging for lone miners to validate a block because big mining companies like Riot Blockchain and Marathon Digital command enormous quantities of hashrate power.
Out of the 859,000 blocks generated since the launch of Bitcoin 14 years ago, a solo miner processing a block successfully is so uncommon that it has only happened about 290 times.
A lone miner successfully solved a block and earned the full 6.25 BTC reward. Nevertheless, the payout was roughly $150,000, and the price of Bitcoin was significantly lower.
The most recent solo-mined block was solved on July 25 by a single miner who earned a reward of almost $210,000 at the time for solving block 853,742.
