Good Fortune: Two Small Bitcoin Miners Defied ‘1 in 1 Million’ Odds by Mining Blocks

Texas could raise funds through NFT and harness 'abundant' energy to mine Bitcoin

Good Fortune: Two Small Bitcoin Miners Defied '1 in 1 Million' Odds by Mining Blocks For Hannah Perez

It happened twice this week that lone miners with low power successfully managed to mine a block of BTC, respectively.

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This week a highly unlikely phenomenon has been spotted in the digital currency space. Two lone miners from Bitcoinspeculated to be homegrown operations have managed to defy astronomical odds to mine BTC blocks.

On Tuesday, engineer Con Kolivas, creator of mining software from Bitcoin, CGMiner, took to Twitter to share that a single miner, with a capacity of 126 terahashes per second (TH/s) of computing power, had just become the unlikely winner of the network block race Bitcoin.

As a result of mining block #718124 Successfully, the miner secured a 6.25 BTC reward, equivalent to just over $270,000 at press time.

The event drew attention to its high level of improbability. It is worth taking into account that currently the hash rate of the network Bitcoin over 170 exahashes per second (EH/s).

In hindsight, the rate of hashes of the lucky miner is equal to only 0.00012 EH/s and represents approximately the 0.0000007% of the total network hash rate Bitcoin. Most of the miners Bitcoin they have a minimum hash rate capacity of between 1 and 5 EH/s, more than 10,000 times greater than the capacity of the lone miner.

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Two lucky mining events in one week

As if that wasn’t strange enough, a second miner has managed to defy the odds just two days later. In a similar event, another lone miner with an even lower capacity managed to mine a block of Bitcoin this Thursday. The second miner was reportedly able to solve block #718379 with a capacity of only 116 TH/s.

Both of the lucky miners had their computing power hooked up to CK Pool, a mining pool (or pool) managed by Kolivas that offers anonymous mining of Bitcoin In solitary. Solo mining pool allows operations to use their own mining equipment to mine new blocks. But it provides them with a service that offers functions like running the blockchain of Bitcoin on your behalf for a small fee at Bitcoin.

According to estimates of The Block, each miner had a 1 in 1.3 million chance of successfully mining a block. The medium also highlighted that, assuming the case that the miner was connected on the same day, it would have taken statistically more than 9,500 days to mine a Bitcoin with a power of around 120 TH/s; considering the current hash and difficulty.

However, according to Kolivas’ estimates, the odds are slightly lower for a miner with that power. There are “about 1 in 10,000 chance of finding a block per day with that hashrate“said the expert.

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Beyond the exact figure of the probabilities, which in both cases are astronomical, there are other striking data. According to Kolivas, the second miner would have only been in the pool for two days. CK Pool. The engineer presumes that his joining the mining pool possibly came after the news of the first lucky miner.

Why is it so amazing? -And why is mining Bitcoin so difficult?

It is known as mining Bitcoin to the process of verifying and adding new blocks to that blockchain. To carry out this process, the miners (machines with high computing power) compete by solving complex mathematical calculations to be the first to find a hashes valid.

The difficulty lies in effectively finding a valid hash, an activity that becomes more complex depending on the hash rate global and mining difficulty. The more miners are connected to the network, the more competition and the less odds. Also, the more hashes per second a miner can perform, the more likely it is to find a valid block, taking the reward.

The largest mining operations, which represent the largest mining power on the network, usually consist of at least several hundred or thousands of teams working together to get a block. However, the most recent events show that it is still statistically possible for even smaller entities to win the mining race for a block of transactions on the network.

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“For the miner involved, it is a once-in-a-lifetime opportunity. The last time such a small miner solved a block in my pool was only a year ago. It’s usually the biggest miners that solve blocks statistically, but there’s no reason even the smallest miner shouldn’t solve one“, commented Koliva about it; and I add:

If enough lone miners do it for long enough, then statistically someone will find a block.


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Sources: Decrypt, The Block, Bitcoin Magazine, Twitter

Article versioned by Hannah Estefanía Pérez / DailyBitcoin

Unsplash image edited in Canva

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