Solo Miner Successfully Acquires 3,125 Bitcoins Worth Rp3.2 Billion

Solo Miner Successfully Acquires 3,125 Bitcoins Worth Rp3.2 Billion

A solo miner has managed to solve a Bitcoin block and acquire 3,125 Bitcoins, valued at approximately US$200,000 or equivalent to Rp3.2 billion. This is an extraordinary achievement, akin to winning the lottery, as mining a valid block alone is extremely rare. It has only occurred 282 times out of 841,300 blocks produced since Bitcoin was mined 14 years ago.

Con Kolivas, a software engineer and administrator of the ckpool solo mining pool, shared information on this rare event on April 28, 2024. He wrote on account X that the solo miner had a very high hash rate, around 120 petahashes per second (PH/s) at the time, equivalent to about 0.12 exahashes per second (EH/s). On average, the miner had a hash rate of about 12 PH/s over a week, which is only about 0.02% of the total network hash rate.

Kolivas further investigated and found that this single Bitcoin miner had previously been part of a mining pool but then switched to solo mining. The reasons could vary, ranging from declining income after halving, increasing electricity costs, to better opportunities to profit from single blocks.

Rare Moments in Bitcoin Mining

Mining BTC requires participants to use computational power to solve and add the next block to the network. However, as the asset's price rises, the popularity of mining increases, leading to increased mining difficulty and hash rates that make it nearly impossible to solve a block alone due to the need for significant computational power and electricity.

Meanwhile, in March 2023, it was reported that a solo miner successfully received the entire 6.25 BTC reward for solving a block. However, the price at that time was much lower, so the reward was around US$150,000.

Conclusion

the recent accomplishment of a solo miner acquiring 3,125 Bitcoins, valued at approximately Rp3.2 billion, stands as a remarkable feat in the world of cryptocurrency. Comparable to winning a lottery, the rarity of successfully mining a block individually underscores the significance of this achievement. With only 282 instances out of 841,300 blocks produced since Bitcoin's inception, such occurrences are exceedingly uncommon.

Con Kolivas's revelation of this event sheds light on the exceptional circumstances surrounding it. The solo miner's exceptionally high hash rate, coupled with their transition from a mining pool to solo mining, adds depth to the narrative. This transition may have been prompted by various factors, including diminishing returns after halving, escalating electricity expenses, or the allure of greater profitability from individual block rewards.

This instance serves as a testament to the evolving landscape of Bitcoin mining, characterized by increasing difficulty and hash rates. As the asset's value rises, mining becomes more competitive, making solo mining endeavors even more challenging. Nonetheless, these rare moments, such as the successful acquisition of 3,125 Bitcoins, highlight the resilience and ingenuity of cryptocurrency miners in navigating the complexities of the industry.

Moreover, reflecting on past achievements, such as the solo miner who received the entire 6.25 BTC reward in March 2023, provides context to the evolving dynamics of Bitcoin mining rewards amidst fluctuating market conditions. These instances underscore the unpredictability and opportunity inherent in the world of cryptocurrency, where extraordinary achievements continue to captivate and inspire participants.

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This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.