Another solo miner managed to mine a Bitcoin block on his own, earning $211,972 in rewards and fees. The Bitcoin block he mined has the number 853,742, and the computing power of his equipment is 3 Th/s, said CKPool pool administrator Con Colivas.
Image source: Monoar Rahman Rony / pixabay.com
The mining equipment’s performance of 3 Tha/s is an extremely modest indicator for successfully mining a Bitcoin block: “with such power, the chances of finding a block are 1 in 1.2 million, and on average, this can happen once every 3,500 years at the current difficulty,” Kolivas explained. The miner used D-Central Technologies Bitaxe equipment, designed specifically for solo cryptocurrency mining, and this is the first case of successfully mining a Bitcoin block using this equipment. Notably, the installations were connected only 19 days ago, and their performance increased to 3 Tha/s only in the last 24 hours.
Miners mine bitcoins when their hardware performs complex calculations that confirm transactions on the blockchain, an open ledger. Transactions are packaged into blocks, and miners compete to see who can add the completed block to the blockchain. When a miner finally confirms a block of transactions, the network issues new bitcoins, which they receive as a reward. Bitcoin mining is usually done by pools, which combine the power of thousands of devices. If the pool mines a block, the reward is divided among its participants in proportion to the performance of their equipment, and the pool administration keeps a commission.
In April, Bitcoin mining difficulty peaked at 88.10 TH, after which it declined and was 82 TH on July 25. Last year, solo miners managed to mine blocks at least twice, in May and August, but their hardware performance was significantly higher than this time – 750 TH/s and 1 PH/s, respectively.
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