Bitcoin Block Reward: How a Solo Miner Discoved an Entire Block
Expert: Casino reviews, crypto news, slots reviews
Mining alone is a big challenge, especially with large companies competing with all cryptocurrency enthusiasts. However, in October 2023, an individual miner surprised everyone by mining an entire Bitcoin block alone.
With just 11 PH/s, a fraction of the hash power wielded by major mining operations, this plucky miner managed to mine Bitcoin block 814,308 – a remarkable feat that spotlights the unpredictable nature of Bitcoin mining.
Ckpool Platform: The Key to Success
To understand how such a feat was possible, you need to know this revolutionary platform: Ckpool. It is a modern organization focused only on cryptocurrencies, which is very different from services like First Mining Gold.
In recent years, mining Bitcoin has become a costly, time-consuming, and complex task. This ended up driving away new miners who would like to enter the segment without necessarily investing a lot of money.
Seeking to resolve this power issue, Ckpool chose the mining model through pools. In other words, when several solo miners pool their mining power and divide the results among themselves instead of seeking isolated and much less frequent gains.
However, classic pool models are also costly, and efficient organization is required to achieve satisfactory results. This is where Ckpool stands out. With a 2% fee, it is a more suitable solution than just exploring the world of cryptocurrencies alone.
11 PH/s Bags: enough for the lucky single miner
When talking about Bitcoin mining, one of the main points is the hash rate. The higher it is, the more frequent the miner’s earnings.
Having a good hash rate usually requires a high investment. Cutting-edge hardware, high energy costs, complex structures, and human skill, in short.
With that in mind, how did a solo Bitcoin miner manage to be rewarded with a Bitcoin block mining at just 11 PH/s? Although it may sound unrealistic, it is possible to discover blocks with even less capacity.
When solo miners at Ckpool hit the mark, they bag 99% of the block reward, with the rest of the pool left to chase the next block. This system has seen several such underdog victories: earlier in August, another solo miner mined block 803,821 with only 1 PH/s. The chance of success with such low hash power? Once every seven years.
On the other hand, even gigantic and high-cost structures still need a long time to generate any monthly return. In many cases, they are closed before they even return all the investments made to get them up and running.
Because of this, participating in movements like solo Ckpool makes more and more sense. Going further, in the future, pools will be the best way of mining, considering that the Bitcoin hash rate tends to grow more and more.
The Bigger the Pool, the Bigger the Prize Chances
With impressive results like this, many other solo miners are attracted to Ckpool. As a result, the network expands, and its capacity increases. The chances of rewards like those blocks mentioned above appearing are even more significant.
Another important issue is that Ckpool keeps its structure up to date, using the 2% fee charged to participants.
This is useful precisely for monitoring protocol updates or even new hardware focused on mining blocks and more power. It represents the future, being very different from companies like First Mining Gold.