Mining Bitcoin Solo: A Rare Triumph
Exploring the Success of a Solo Miner
Recent insights in the world of Bitcoin mining shed light on an extraordinary achievement by a solo miner. This individual successfully mined block 814,308, employing just 11 petahash per second (PH/s) of mining power. This remarkable feat was accomplished through Solo Ckpool, a service tailored for solo miners operating with lower hashrates or older and less efficient hardware.
Solo Miner Discovers a Block
Another Solo Mining Success in 2023
The realm of solo miners, those who mine Bitcoin without the backing of massive mining pools, has seen multiple significant discoveries this year. On October 28, 2023, Con Kolivas, a developer overseeing Solo Ckpool, made an announcement that sent ripples through the Bitcoin mining community. A lone Bitcoin miner, armed with just 11 PH/s of hashpower, unearthed block 814,308.
In contrast to the large Bitcoin mining pools that distribute rewards amongst their participants for most block discoveries, platforms like Ckpool are tailored to empower solo miners. These miners can chart their own path independently. While Ckpool commands a substantial 3.1 exahash per second (EH/s) of hashpower, the dynamics change when a solo miner strikes gold by discovering a block.
The Reward of Independence
A Glimpse into the Fortune of Solo Miners
Upon successfully mining a block, the fortunate miner claims a staggering 99% of the block reward, leaving other pool miners empty-handed. A mere 72 days earlier, on August 18, 2023, Kolivas revealed another striking example of solo mining success when a solitary miner, armed with only 1 PH/s of hashrate, mined block height 803,821.
Kolivas emphasized that a miner with 1 PH/s has an approximate chance of finding a block once every seven years due to the network’s difficulty. Yet, even more remarkable instances of fortune have unfolded, with a miner striking gold in June. This miner discovered block height 793,607 with a mere 17 terahash per second (TH/s) of mining power. It was suggested that this miner was likely using an older Bitmain S9 unit.
Beyond Hashpower: The Element of Chance
Unlocking Bitcoin’s Unpredictable Nature
In addition to small miners with low hashrates, solo miners with considerably more hashpower have successfully uncovered blocks without the assistance of large mining pools. In March 2023, a solo miner with 1 EH/s found block 782,845, and shortly thereafter, with the same 1 EH/s of hashpower, located block 782,867. These infrequent but significant events highlight the techniques that enable solo miners to secure valuable block rewards.
The Allure of Solo Mining
Embracing Independence in Bitcoin Mining
The appeal of solo mining pools largely lies in the independence they offer to miners. The Bitcoin mining landscape is characterized by randomness and unpredictability, with block discovery not always directly linked to a miner’s computational power. Often, it resembles a game of chance, akin to a fortunate individual securing victory with a single lottery ticket, in contrast to another who purchases multiple tickets to improve their odds.