Solo Miner Strikes Big with Bitcoin Block

In an extraordinary turn of events late Sunday, a solo bitcoin miner defied the low odds by successfully solving a block, claiming the entire subsidy and transaction fee reward. The miner, using solo bitcoin-mining software provided by CKpool, was able to mine block 841,286, earning a total of 3.433 BTC, equivalent to $218,544.

This impressive haul included 3.125 BTC ($198,937) in block subsidy rewards and an additional 0.308 BTC ($19,607) in transaction fees. CKpool developer Con Kolivas celebrated this achievement on social platform X, congratulating the miner, identified only by their address 365ughTgK9Q7rXXTM7vubqy1awZ2AZJijP.

At the time of mining, the miner’s hash rate was approximately 120 PH/s, significantly less than the total Bitcoin network’s hash rate of 638 EH/s, positioning their success at a strikingly low probability of 0.02%, or 1 in 5,000.

Despite such formidable odds, this is not the first instance of a solo miner capturing the entirety of block rewards. Kolivas highlighted previous occurrences, including a notable instance in 2022 when a miner with a hash rate of just 126 TH/s overcame 1 in 1.3 million odds. More recently, before the halving event in April, a miner with 7 PH/s secured a whopping $422,875.

Kolivas speculated that the successful miner might have recently transitioned from pooled to solo mining following the halving, possibly due to inadequate returns on electricity costs. This shift might have been a strategic, albeit risky, move to maximize potential earnings.

The recent Bitcoin halving event, which occurred on April 20 at block height 840,000, halved the block subsidy from 6.25 BTC to 3.125 BTC, significantly impacting miners’ earnings. This reduction has prompted miners to adapt their strategies in the increasingly competitive and resource-intensive environment of Bitcoin mining.