{"id":548247,"date":"2023-08-21T14:00:38","date_gmt":"2023-08-21T14:00:38","guid":{"rendered":"https:\/\/wncen.com\/?p=548247"},"modified":"2024-06-11T09:19:37","modified_gmt":"2024-06-11T09:19:37","slug":"solo-bitcoin-miner-secures-reward","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solo-bitcoin-miner-secures-reward\/","title":{"rendered":"Diamond In The Rough: Solo Bitcoin Miner Secures $160,000 Block Reward"},"content":{"rendered":"

On August 18, a solo miner managed to solve block 803,821, securing a remarkable 6.25 Bitcoin block reward valued at $160,000. <\/span>This is a very rare event as lone miners have a lower chance of mining a block due to the increase in mining difficulty and this solo miner became the 277th solo miner in bitcoin’s history to achieve this.\u00a0<\/span><\/p>\n

Solo Bitcoin Miner Makes History<\/span><\/h2>\n

The solo miner was able to pull off this remarkable achievement using the Solo CKpool mining service. The miner identified with the tag bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6 used an S17 Bitcoin Miner with a hash power of roughly 1 PetaHash which is way lesser than most BTC mining entities, as was speculated by Con Kolivas, the administrator of Solo CKpool.<\/span><\/p>\n

Related Reading: Experts Explain Why SEC\u2019s Interlocutory Appeal In Ripple Case Was A Mistake<\/a><\/div>\n
\n

Congratulations to miner bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6 with ~1PH of hashrate at solving the 277th solo block at https:\/\/t.co\/UWgBvLkDqc<\/a>! A miner of this size would only solve a block solo on average once every 7 years at current diffhttps:\/\/t.co\/cNgm1KUqvw<\/a><\/p>\n

\u2014 Dr. Con Kolivas (@ckpooldev) August 19, 2023<\/a><\/p><\/blockquote>\n

Perhaps the most interesting thing about this development is that the miner achieved this remarkable reward when mining difficulty was almost at an all-time high of 52.39.<\/span><\/p>\n

Normally, mining Bitcoin with just 1 PetaHash seems impossible compared to other BTC solo miners<\/a> that were able to pull this off in the past who had hash rate capacity in exa-hashes.<\/span><\/p>\n

It is almost impossible for a solo miner to solve an entire block on their own, due to the increased popularity of BTC mining and the persistent rise in the network hash rate and powerful mining equipment.\u00a0<\/span><\/p>\n

BTC miners are required to input computational power to solve and add the next Bitcoin block to the network, which creates a valid block hash while using the computational power of multiple mining rigs.<\/span><\/p>\n

However, since the miner was using the Solo CKpool, it allows miners with outdated or inefficient equipment to pool their mining power together, increasing their chances of solving a block, which is what happened here. In their case, this miner was able to retain 98% of the reward.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price puts reward for a single block over $160,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
The miner now joins two other solo miners who have been able to achieve this impressive feat in March and June this year using a Solo CKpool and is the third time this is happening so far in 2023.<\/span><\/p>\n
Rise In Hashrate Triggers Surge In Mining Difficulty<\/span><\/h2>\n
Over the last few months, the Bitcoin hashrate has been rising rapidly<\/a>, eventually hitting an all-time high in July. In response to this, the mining difficulty surged quickly and touched its own ATH in the same month.<\/span><\/p>\n
Related Reading: The $200 Million BNB Bridge Exploiter Just Got Liquidated On Venus<\/a><\/div>\n
By July 8, the Bitcoin mining hashrate was at 538.05 EH\/s and difficulty surged to 53.9112T a few days later on July 12. However, since then, it has tapered off with hashrate dropping 26% to 424.76 EH\/s and difficulty dropping around 3% to 52.39T.<\/span><\/p>\n
\"Bitcoin<\/p>\n
Mining difficulty rises to new ATH | Source: CoinWarz<\/a><\/pre>\n
Nevertheless, both the Bitcoin hashrate and difficulty<\/a> are significantly higher compared to the start of 2023, which makes the solo miner\u2019s achievement even more impressive. However, as hashrate and difficulty continue to rise, such occurrences are expected to be fewer as miners with large hashrates dominate the market.<\/span><\/p>\n
In the end, the winner is the Bitcoin network which becomes stronger for it with the increased hashrate. It is also beneficial to BTC investors as a rise in hashrate suggests there is more interest in the digital asset and this can convert to higher prices for the cryptocurrency.<\/span><\/p>\n
Featured image from Unsplash, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On August 18, a solo miner managed to solve block 803,821, securing a remarkable 6.25 Bitcoin block reward valued at $160,000. This is a very rare event as lone miners have a lower chance of mining a block due to the increase in mining difficulty and this solo miner became the 277th solo miner in bitcoin’s history to achieve this.\u00a0 Solo Bitcoin Miner Makes History The solo miner was able to pull off this remarkable achievement using the Solo CKpool mining service. The miner identified with the tag bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6 used an S17 Bitcoin Miner with a hash power of roughly 1 PetaHash which is way lesser than most BTC mining entities, as was speculated by Con Kolivas, the administrator of Solo CKpool. Related Reading: Experts Explain Why SEC\u2019s Interlocutory Appeal In Ripple Case Was A Mistake Congratulations to miner bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6 with ~1PH of hashrate at solving the 277th solo block at https:\/\/t.co\/UWgBvLkDqc! A miner of this size would only solve a block solo on average once every 7 years at current diffhttps:\/\/t.co\/cNgm1KUqvw \u2014 Dr. Con Kolivas (@ckpooldev) August 19, 2023 Perhaps the most interesting thing about this development is that the miner achieved this remarkable reward when mining difficulty was almost at an all-time high of 52.39. Normally, mining Bitcoin with just 1 PetaHash seems impossible compared to other BTC solo miners that were able to pull this off in the past who had hash rate capacity in exa-hashes. It is almost impossible for a solo miner to solve an entire block on their own, due to the increased popularity of BTC mining and the persistent rise in the network hash rate and powerful mining equipment.\u00a0 BTC miners are required to input computational power to solve and add the next Bitcoin block to the network, which creates a valid block hash while using the computational power of multiple mining rigs. However, since the miner was using the Solo CKpool, it allows miners with outdated or inefficient equipment to pool their mining power together, increasing their chances of solving a block, which is what happened here. In their case, this miner was able to retain 98% of the reward.\u00a0 BTC price puts reward for a single block over $160,000 | Source: BTCUSD on Tradingview.com The miner now joins two other solo miners who have been able to achieve this impressive feat in March and June this year using a Solo CKpool and is the third time this is happening so far in 2023. Rise In Hashrate Triggers Surge In Mining Difficulty Over the last few months, the Bitcoin hashrate has been rising rapidly, eventually hitting an all-time high in July. In response to this, the mining difficulty surged quickly and touched its own ATH in the same month. Related Reading: The $200 Million BNB Bridge Exploiter Just Got Liquidated On Venus By July 8, the Bitcoin mining hashrate was at 538.05 EH\/s and difficulty surged to 53.9112T a few days later on July 12. However, since then, it has tapered off with hashrate dropping 26% to 424.76 EH\/s and difficulty dropping around 3% to 52.39T. Mining difficulty rises to new ATH | Source: CoinWarz Nevertheless, both the Bitcoin hashrate and difficulty are significantly higher compared to the start of 2023, which makes the solo miner\u2019s achievement even more impressive. However, as hashrate and difficulty continue to rise, such occurrences are expected to be fewer as miners with large hashrates dominate the market. In the end, the winner is the Bitcoin network which becomes stronger for it with the increased hashrate. It is also beneficial to BTC investors as a rise in hashrate suggests there is more interest in the digital asset and this can convert to higher prices for the cryptocurrency. Featured image from Unsplash, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":548259,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,520,55860,640,656,1119,84159,1144,78790],"class_list":["post-548247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-difficulty","tag-bitcoin-hashrate","tag-bitcoin-mining","tag-bitcoin-news","tag-btc","tag-btc-mining","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nDiamond In The Rough: Solo Bitcoin Miner Secures $160,000 Block Reward<\/title>\n<meta name=\"description\" content=\"On August 18, a solo miner managed to solve block 803,821, securing a remarkable 6.25 Bitcoin block reward valued at $160,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Matherson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","caption":"Scott Matherson"},"description":"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Diamond In The Rough: Solo Bitcoin Miner Secures $160,000 Block Reward","url":"http:\/\/wncen.com\/news\/solo-bitcoin-miner-secures-reward\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/solo-bitcoin-miner-secures-reward\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/kanchanara-9pCV2MB65y8-unsplash-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/kanchanara-9pCV2MB65y8-unsplash-1.jpg?fit=6000%2C4000"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin difficulty","bitcoin hashrate","bitcoin mining","bitcoin news","btc","btc mining","btcusd","btcusdt"],"dateCreated":"2023-08-21T14:00:38Z","datePublished":"2023-08-21T14:00:38Z","dateModified":"2024-06-11T09:19:37Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Diamond In The Rough: Solo Bitcoin Miner Secures $160,000 Block Reward\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/solo-bitcoin-miner-secures-reward\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/solo-bitcoin-miner-secures-reward\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/kanchanara-9pCV2MB65y8-unsplash-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/kanchanara-9pCV2MB65y8-unsplash-1.jpg?fit=6000%2C4000\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin difficulty\",\"bitcoin hashrate\",\"bitcoin mining\",\"bitcoin news\",\"btc\",\"btc mining\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-08-21T14:00:38Z\",\"datePublished\":\"2023-08-21T14:00:38Z\",\"dateModified\":\"2024-06-11T09:19:37Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/kanchanara-9pCV2MB65y8-unsplash-1.jpg?fit=6000%2C4000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548247"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=548247"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/548247\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/548259"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=548247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=548247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=548247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}