In a notable development of the Bitcoin network this year, a solo miner successfully broke block 803,821 and secured the coveted block reward of 6.25 BTC worth over $160,000.
The notable event happened on August 18, and the miner became the 277th solo miner in Bitcoin history. This occurrence is unusual as a single miner of this scale typically solves a block about every seven years.
Solo miners make it
A miner identified with the bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6 tag achieved the impressive feat using the Solo CKpool mining service. Con Kolivas, the admin of Solo CKpool, speculated that this miner used an S17 bitcoin miner and only had a hash power of around 1 PetaHash, which is miles lower than most BTC mining companies.
Solo bitcoin miner. Source: BTC.com
Since most BTC miners have hash rate capacity in exahashes, an independent miner with just a few petahashes doesn’t stand a chance. According to its website, the Solo CKpool allows miners with “old/inefficient miners who will never earn any rewards from regular mining who want to leave mining to a lottery.”
If users are lucky enough to solve a block, they can keep 98% of the reward.
This is now the third time this year that a Solo miner using the Solo CKpool has processed a block. Two independent miners were able to solve BTC blocks in March and June.
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BTC hashrate is increasing
Meanwhile, BTC’s mining hash rate has surged over the past week despite the asset’s price wars. Data from Blockchain.com shows that Bitcoin’s hash rate surged to a new high of 414 EH/s on Aug. 18 before falling to the current level of 410.0 EH/s.
Bitcoin hash rate. Source. Blockchain.com
This poses a challenge for miners as the price of BTC has already dropped. However, profitability could take another dip next week if mining difficulty changes. According to Bitrawr, the increased hashrate of BTC is expected to lead to a 7% increase in mining difficulty.
Meanwhile, miners in Texas could be more affected by current conditions as energy prices have risen in the state. This is due to heat waves, and the state electric utility Electric Reliability Council of Texas (ERCOT) has started calling for voluntary shutdowns.
Disclaimer
In accordance with Trust Project policies, BeInCrypto is committed to unbiased and transparent reporting. The goal of this news article is to provide accurate and timely information. However, readers are encouraged to independently verify the facts and consult a professional before making any decisions based on this content.
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