A solo Bitcoin miner has defied extraordinary odds, successfully mining an entire block and earning just under $350,000 in Bitcoin rewards.
Key Takeaways:
- A solo miner beat 1-in-2,800 daily odds to mine a Bitcoin block and earned nearly $350,000.
- The miner’s modest 2.3 PH/s setup shows small operators can still strike it big despite low odds.
- Industrial miners scaled back output in June, highlighting contrasting fortunes with solo successes.
The miner, working through the CKpool solo mining pool, used a rig producing 2.3 petahashes per second (PH/s) to solve block 903883, according to mining data from Mempool Space.
Bitcoin historian Pete Rizzo pointed out the rarity of the event, calling it a remarkable feat.
Solo Miner Faces 1-in-2,800 Daily Odds to Solve a Bitcoin Block
The CKpool administrator explained that a miner operating at 2.3 PH/s has only about a 1 in 2,800 chance of solving a block on any given day, or roughly one success every eight years on average.
At current network difficulty, that’s just a 0.004% chance per day.
The solo miner’s block yield included a reward of 3.173 BTC, valued at approximately $349,028 at the time.
While the miner’s exact hardware setup remains unclear, experts believe it likely involved several older-generation ASIC rigs combined to reach the modest hashrate of 2.3 PH/s.
By contrast, smaller hobbyist machines like Bitaxe or USB-based NerdMiner units produce only terahashes or kilohashes per second, making their chances of hitting a full block effectively negligible.
For solo miners aiming to mine a block every month, an estimated 166,000 terahashes per second, equivalent to about 500 Antminer S21 Hydro machines, would be required, a setup costing millions of dollars.
Yet the latest lucky miner’s success proves that, in solo mining, probability can sometimes favor even modest operators.
The win follows similar solo miner victories earlier this year. In February, a solo miner hit block 883,181 for over $300,000 in rewards, and another solo miner mined block 899,826 in early June, earning roughly $330,000.
Meanwhile, major industrial Bitcoin mining firms such as Riot Platforms, Cipher Mining, and MARA Holdings reported lower output in June.
The companies scaled back operations in Texas to sidestep peak demand charges during the state’s expensive summer electricity periods.
Chinese Roots Still Dominate Global Bitcoin Mining
As reported, over half of the world’s Bitcoin mining operations still trace their origins to China, with 55% to 65% of mining linked to Chinese capital, hardware, or expertise, according to Uminers CEO Batyr Hydyrov.
Despite China’s 2021 mining ban, key Chinese players have maintained influence by relocating operations overseas.
Major Chinese manufacturers Bitmain, Canaan, and MicroBT, responsible for 99% of Bitcoin mining hardware, have shifted production to the U.S. to avoid tariffs, helping boost America’s share of Bitcoin’s total hashrate from 4% in 2019 to 38% today.
Hydyrov added that former Chinese miners have often increased capacity after moving abroad, with some expanding by up to 150%, and noted that limited mining still persists within China’s remote regions where enforcement is lax.
The post Solo Bitcoin Miner Strikes Gold, Nets Nearly $350,000 from Single Block appeared first on Cryptonews.
