Bitcoin Miner Hits It Big with 3.125 BTC Reward

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In a remarkable feat, a single Bitcoin miner has defied the odds by solving a Bitcoin block alone, earning the full 3.125 Bitcoin (BTC) block reward.

On April 28, Con Kolivas, a software engineer and administrator from the solo mining pool ckpool, announced on X that a miner had successfully solved the 282nd solo block in Bitcoin’s history.

Significant Hash Rate and Rewards

This solo miner boasted a substantial hash rate of around 120PH (peta hashes) at the time of solving the block, equivalent to approximately 0.12 EH (exa hashes). Their average hash rate over a week was approximately 12PH, which accounts for roughly 0.02% of the total network hash rate.

The reward for solving block 841,286 was recently halved from 6.25 BTC to 3.125 BTC during the Bitcoin halving at block 840,000 on April 20. At the time of the block’s discovery, the reward was worth around $200,000 based on BTC prices.

Rare Achievement in Bitcoin Mining

Mining a valid block solo is an exceedingly rare event, akin to winning the lottery. Out of the approximately 841,300 blocks produced since Bitcoin’s inception 14 years ago, solo mining has only occurred 282 times.

The competitiveness of Bitcoin mining has increased significantly over time due to rising prices, leading to a surge in hash rate and difficulty. Consequently, it has become nearly impossible to solve a block alone.

Solo Bitcoin Miners Making Big Moves

In March 2023, another solo miner received the entire 6.25 BTC reward for solving a block when prices were lower, making the reward worth around $150,000.

The most recent solo block before this event occurred on April 5, when a solo miner solved block 837,814 with a hash rate of 7PH, earning a reward of around $422,750 at the time.

Exceptional Achievement

The average network hash rate currently stands at 618 EH/s (exa hashes per second), reaching an all-time high of 728 EH/s on April 23. This represents an increase of more than 90% over the past 12 months, making the latest solo mining achievement even more exceptional.

A significant migration of older Bitcoin mining machines from the United States to overseas destinations was witnessed recently, which will be refurbished and sold in international markets.

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