An independent Bitcoin miner won the Bitcoin mining reward, successfully processed a Bitcoin block against all odds, and earned nearly $200,000. According to data from Bitcoin block explorer Mempool Space, an individual miner processed block number 858,978 on August 29. The block contained 2,391 transactions, and the miner received 3.27 Bitcoin worth $199,094 at current prices for their efforts.
Reward News for Bitcoin Miner
Significantly, the miner responsible for processing the block was from Solo CK Pool, an individual mining pool that does not behave like a typical mining pool. According to Mempool data, the Solo CK miner used a hashrate of 456/PH when the block was solved.
The average network hashrate is currently 665 EH/s, meaning the miner was operating at approximately 0.012% of the average hashrate. Bitcoin’s hashrate reached an all-time high of 754 EH/s on July 23, according to data analysis platform BitInfoCharts.
Despite its name, the SoloCK pool combines the hashrate of small miners but distributes the reward only to the miner responsible for solving the block. Last year, the SoloCK miner solved 14 Bitcoin blocks, earning 59.3 Bitcoin, which is worth $3.5 million at current prices.
Details on the Subject
Due to the importance of large mining companies with significant hashrate power, such as Riot Blockchain and Marathon Digital, it is rare for solo miners to successfully validate a block. It is so rare for a solo miner to successfully process a block that it has only happened approximately 290 times out of the 859,000 blocks produced since Bitcoin’s inception 14 years ago.
In March 2023, a solo miner won the entire 6.25 Bitcoin reward for solving a block. However, Bitcoin’s price was much lower, and the reward was approximately $150,000. The most recent solo-mined block was on July 25, when a solo miner solved block number 853,742, earning a reward of approximately $210,000 at that time.
