Lucky Bitcoin miner solves a valid block earning a $150K reward
A solo Bitcoin miner was rewarded with 6.25 Bitcoin after successfully mining the 780,112th block in the Bitcoin blockchain. The payoff is expected to be worth more than $150,000. While the event itself is uncommon, and it can take months for a lone miner to obtain a legitimate hash, the solo miner was also fortunate to have done so after only two days of mining.
In the 13-year history of Bitcoin, the unusual incident took place recently and was the 270th solo mined block. The occurrence is unusual because a solo miner of this magnitude typically solves a block once every 10 months or so.
How the Bitcoin miner established a solo mining pool
Using the Solo CK Pool mining service, the miner established a solo mining pool. For producing a valid block hash, they were paid 6.25 BTC, with a fee reward of around 0.63 BTC. Con Kolivas, the administrator of the Solo CK mining pool, pointed out that the miner responsible for the unusual occurrence might have momentarily rented hashing capacity to generate the output hash.
Other solo-mined Bitcoin blocks have also been produced by the Solo CK mining pool. Two of these solo-mined blocks appeared in January 2022, one on January 11, 2022, with a block height of 718,124, and the other on January 24, 2022, with a block height of 720,175.
To solve and add the next BTC block to the network, miners must contribute computational power to the bitcoin network. Yet, it’s very impossible for a single miner to solve the entire block on their own due to the rising popularity of BTC mining, the constant increase in the network hash rate, and strong mining equipment.
As a result, a valid block hash is frequently generated using the combined computing power of several mining rigs that are all competing to mine the next block. Each miner in the mining pool receives a portion of the block reward based on how quickly they process input.
Read More
Lucky Bitcoin miner solves a valid block earning a $150K reward
A solo Bitcoin miner was rewarded with 6.25 Bitcoin after successfully mining the 780,112th block in the Bitcoin blockchain. The payoff is expected to be worth more than $150,000. While the event itself is uncommon, and it can take months for a lone miner to obtain a legitimate hash, the solo miner was also fortunate to have done so after only two days of mining.
In the 13-year history of Bitcoin, the unusual incident took place recently and was the 270th solo mined block. The occurrence is unusual because a solo miner of this magnitude typically solves a block once every 10 months or so.
How the Bitcoin miner established a solo mining pool
Using the Solo CK Pool mining service, the miner established a solo mining pool. For producing a valid block hash, they were paid 6.25 BTC, with a fee reward of around 0.63 BTC. Con Kolivas, the administrator of the Solo CK mining pool, pointed out that the miner responsible for the unusual occurrence might have momentarily rented hashing capacity to generate the output hash.
Other solo-mined Bitcoin blocks have also been produced by the Solo CK mining pool. Two of these solo-mined blocks appeared in January 2022, one on January 11, 2022, with a block height of 718,124, and the other on January 24, 2022, with a block height of 720,175.
To solve and add the next BTC block to the network, miners must contribute computational power to the bitcoin network. Yet, it’s very impossible for a single miner to solve the entire block on their own due to the rising popularity of BTC mining, the constant increase in the network hash rate, and strong mining equipment.
As a result, a valid block hash is frequently generated using the combined computing power of several mining rigs that are all competing to mine the next block. Each miner in the mining pool receives a portion of the block reward based on how quickly they process input.
Read More