Solo Miner Strikes Gold with Low Hashrate
A solo miner recently achieved a remarkable feat by successfully mining block 814,308 with just 11 petahash per second (PH/s) of mining power. This accomplishment was made possible through Solo Ckpool, a service designed for solo miners with lower hashrates or older hardware.
Empowering Solo Miners
Unlike large BTC mining pools that distribute block rewards among multiple miners, platforms like Ckpool empower solo miners to mine independently. While Ckpool has a hashpower of 3.1 exahash per second (EH/s), the dynamics change when a solo miner discovers a block.
A Fortunate Reward
When a solo miner successfully mines a block, they receive 99% of the block reward, leaving other miners in the pool empty-handed. Just 72 days earlier, another solo miner with only 1 PH/s of hashrate mined block height 803,821. Kolivas, the developer of Solo Ckpool, mentioned that a miner with 1 PH/s has a chance of finding a block once every seven years given the network’s difficulty.
Luck and Old Equipment
In June, another miner found even greater luck by discovering block height 793,607 with just 17 terahash per second (TH/s) of mining power. It was suggested that this miner was likely using an old Bitmain S9 unit. These instances highlight that even small miners with low hashrates can find blocks without the assistance of large pools.
The Appeal of Solo Mining
Solo mining pools offer independence to miners and enable them to take advantage of the randomness and unpredictability of bitcoin mining. Discovering a block is not solely dependent on computational power but also involves an element of chance. It’s comparable to a lucky individual winning the lottery with a single ticket, while others purchase multiple tickets to improve their odds.
Hot Take: The Unpredictable Nature of Bitcoin Mining
The recent success of solo miners with low hashrates highlights the unpredictable nature of bitcoin mining. While large mining pools dominate the industry, there is still room for solo miners to strike gold. These instances serve as a reminder that luck and chance play a significant role in the world of cryptocurrency mining.
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