The miner used a mere 1.14 PH/s to find and resolve the block.
Only CK Pool now has 30 PH/s to continue processing the Bitcoin network.
A true feat. Another lone bitcoin (BTC) miner solved a block and got the full reward. This is the fourth in less than a year. Like the previous ones, he used a very small part of the computing power of the Bitcoin network and was able to get hold of more than USD 240 thousand.
The achievement communicated With Kolivas, the software engineer and administrator of Solo CK Pool, a kind of BTC mining pool that includes only those who are interested in mining alone.
According to Kolivas, the miner used a mere 1.14 petahashes per second (PH/s) to solve block 721,310. With that, he earned the stated 6.25 bitcoin reward, plus network fees. This yielded a total of 6.28 BTC awarded to this miner. According to the CriptoNoticias price calculatorthe gain is equivalent to just over USD 242,000.
The resolution of the block comes in the midst of a mining difficulty of 26.6T, as reported by the block explorer, blockchain. In accordance with BTC.comthe block had a volume of 1,791 bitcoins, 1.1 MB in size and 188 confirmations on the network.
All of this is happening at a time when the overall processing power of the Bitcoin network is over 190.1 PH/s, according to figures from Blockchain.com. This means that the lone miner used a little more than 1% of the total hash rate to be rewarded with the hefty amount.
Kolivas points out that the miner was able to beat the big pools, which monopolize, for example, between 13% and 30% of the global hash rate. He adds that the curious thing is that this time there was a 20% chance that one of the miners in your pool would solve a block.
This serious the third lone miner so far this year has managed to get the reward. The first was reported in July 2021, as reported in CriptoNoticias.
“Assess possibilities realistically”
According to Kolivas, right now, Only CK Pool has 30 PH/s to keep processing the network, thanks to the fact that some 600 users joined that group, after another block was resolved in recent days. In the specialist’s words, that equates to a lone miner being able to solve a block on average every month and a half.
For him, it is a matter of luck. As he told Bitcoin Magazine, mining “involves only one hash”. “The first thing people don’t understand is that it doesn’t really matter how much hash power you have. If you’re lucky enough, you just need a hash and you can resolve a block,” he said.
However, in practice, a higher amount of hashes can increase the chances of mining a block. In fact, if the rate is high, it increases the chances that a lone miner will be able to add the next block to the Bitcoin blockchain, receiving the corresponding reward.
However, Kolivas insists that solving a block has nothing to do with the amount of hash rate. “People think you need an ASIC powerful enough to solve a block, and that’s not true. Basically, the more hashrate you have, the more likely you are to solve a block, but even the smallest miner can solve it.”
But, while it seems to promote solo mining, warns of the great variation that can occur in block solutions. And it is that, statistically speaking, it could take from one day to 2 years before another feat like the one reported today is committed, “even with the current hash rate”. Therefore, he implores anyone who is considering mining alone “to assess your chances realistically before you do it.”