Solo miner bags entire block reward with just 1PH of power

In an era when bitcoin mining giants are amassing warehouses full of specialized mining rigs, solo miners have fewer and fewer wins

article-image

mimagephotography/Shutterstock modified by Blockworks

share

An astoundingly lucky solo miner solved block number 803,821 late Friday night and won the entire 6.25 bitcoin block reward, worth approximately $162,000.

Con Kolivas, the admin of Solo CKPool, announced the unlikely news on X, formerly Twitter, saying that this particular miner had only 1 petahash of computing power, yet still came out on top. 

“A miner of this size would only solve a block solo on average once every 7 years at current [difficulty],” Kolivas wrote. 

The miner kept nearly all the bitcoin (BTC) he won, aside from a 2% fee that went to Solo CKPool for its upkeep. 

Loading Tweet..

As Kolivas alluded to in his post, bitcoin difficulty — which indicates how challenging it is to find a valid hash that’s below the target — has skyrocketed from January 2023. Now, it’s at an all-time high of 52.39 trillion. This means that the target hash value a miner must produce is exceedingly low, and given the immense difficulty, a miner might have to compute an incredibly large number of hashes before producing one that’s valid for a block.

Having more mining machines and powerful hardware makes the odds of solving a block that much easier, which makes what this solo miner did even more notable. 

Bitcoin difficulty is also adjusted roughly every two weeks or every 2,016 blocks, and the difficulty is projected to increase on Tuesday by nearly 7% to 56.03 trillion. 

Blockworks previously reported on an even more improbable solo bitcoin miner win in June. That person solved block 793,607 with what was likely a single Antminer S9 rig. 

Solo CKPool said at the time that a miner of that size would only solve a block “once every 450 years on average.”


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

recent research

Research Report Templates (1).png

Research

Solana Mobile is a highly ambitious foray into the mobile consumer hardware market, seeking to open up a crypto-native distribution channel for mobile-first applications. The market for Solana Mobile devices has demonstrated a phenomenon whereby external market actors (e.g. Solana-native projects) continuously underwrite subsidies to Mobile consumers. The value of these subsidies, coming in the form of airdrops, trial programs, and exclusive NFT mints, have consistently covered the cost of the phone and generated positive returns for consumers. Given this trend in subsidies, the unit economics in the market for Mobile devices, and the initial growth rate and trajectory of sales, it should be expected that Solana mobile can clear 1M to 10M units over the coming years. As more devices circulate amongst users, Solana Mobile presents a promising venue for the emergence of killer-applications uniquely enabled by this mobile-first, crypto-native distribution channel.

article-image

Plus, a look into Lighting Labs’ newest feature

article-image

Crypto’s Wild West era is over — it’s time to embrace regulation to secure the future of digital assets

article-image

Plus, Solana has now surpassed Ethereum in trailing 30-day decentralized exchange volume

article-image

Polymarket betters say Kamala Harris has better odds than Biden of winning against Trump

article-image

Bitcoin’s down Tuesday, while ETH-correlated assets like ENS and ARB see growth