Solo miner produces a valid hash for the Bitcoin blockchain
A solo Bitcoin miner from Russia added the 780,112th block to the Bitcoin blockchain on 10 March 2023. The miner received an estimated $150,000 or 6.25 Bitcoin payout to produce a valid hash for the block.
The Russian miner is considered lucky to have produced a valid hash in just two days of mining since usual miners tend to create a valid transaction in several months. The miner worked with a hashing power of 6.7 PH/s (petahashes per second), while the Bitcoin’s total hash rate was 308,262 PH/s when the block was added.
The solo miner used the Solo CK Pool mining service to create a solo mining pool and successfully produced the valid block that rewarded him 6.25 BTC plus a 0.63 BTC fee. The Solo CK mining pool admin, Con Kolivas, congratulated the miner for such an accomplishment. However, he did note that the miner might have rented hashing power to produce said hash.
Bitcoin mining requires miners to input computational power and continuously run computer calculations to discover and add a valid hash block to the network. Miners often have multiple computers to increase their chances of solving the next hash.
Although a miner can produce the valid hash on their own and in time record while thousands of other miners try to achieve the same, the odds are not in their favor. In 2022 alone, only two solo miners in the Solo CK mining pool could produce the valid hash for the block.
Sources: cointelegraph.com, decrypt.co
analyst opinion
Diego Kebork
The Russian miner is considered lucky to have produced a valid hash in just two days of mining since usual miners tend to create a valid transaction in several months. The miner worked with a hashing power of 6.7 PH/s (petahashes per second), while the Bitcoin’s total hash rate was 308,262 PH/s when the block was added.
The solo miner used the Solo CK Pool mining service to create a solo mining pool and successfully produced the valid block that rewarded him 6.25 BTC plus a 0.63 BTC fee. The Solo CK mining pool admin, Con Kolivas, congratulated the miner for such an accomplishment. However, he did note that the miner might have rented hashing power to produce said hash.
Bitcoin mining requires miners to input computational power and continuously run computer calculations to discover and add a valid hash block to the network. Miners often have multiple computers to increase their chances of solving the next hash.
Although a miner can produce the valid hash on their own and in time record while thousands of other miners try to achieve the same, the odds are not in their favor. In 2022 alone, only two solo miners in the Solo CK mining pool could produce the valid hash for the block.
Sources: cointelegraph.com, decrypt.co
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