Small-time bitcoin miners are making headlines for essentially hitting the jackpot by mining full blocks all on their own. In what has become a modern-day ‘gold rush’, bitcoin enthusiasts are now taking to booting up small USB miners will tiny hash rates to try their luck in what is eerily similar to buying lottery tickets. Among the miners who have rushed to this, a few have hit the ultimate prize.
Solo Bitcoin Miner Gets Full Block
The miner who is part of a mining pool that allows solo miners pool their hash rates together to increasing their chances of solving a block was able to get the full block reward after solving.
The miner had gotten the full block reward of 6.25 BTC, netting them a total of more than $220,000 at current prices, in addition to the transaction fee paid to the block miner.
With such low computational power as the one possessed by this miner, it makes it near impossible for them to be able to mine a block by themselves. They would not be the first to get lucky.
The BTC Rush
One thing about proof of work mechanisms is the high computation power required to mine bitcoin blocks. As more players enter into the mining space, armed with millions of dollars in institutional backing, being a small-time miner is nearly unprofitable. This is why mining pools like the ckpool exist.
In these pools, solo miners are able to bring their low computational power together to increase their chances of finding a block. Dr. Kolivas explained that while this miner had fluctuated in their mining power, they were able to solve the block with only 8.3 terahashes.
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