On July 4, according to data from Onchain Lens, the independent miner 'Solo CK' successfully mined Bitcoin block number 903,883 with a total reward of 3.173 BTC.
This block includes 3,949 transactions, with a total reward and processing fee estimated at around 349,028 USD, demonstrating Solo CK's outstanding mining performance in the Bitcoin network.
MAIN CONTENT
Solo CK successfully mined the 903,883rd Bitcoin block.
The block contains 3,949 transactions, with a total reward of 3.173 BTC (~349,028 USD).
The transactions and rewards reflect the remarkable performance of independent miners.
Who is Solo CK and what is the role of independent miners in the Bitcoin network?
According to reports from Onchain Lens and industry experts, Solo CK is a prominent independent miner that has proven its ability to efficiently mine blocks with large transaction volumes on the Bitcoin blockchain.
Independent miners like Solo CK do not belong to any group or centralized mining pool, but still maintain strong mining performance, contributing to ensuring decentralization and network safety. According to research from the Cambridge Centre for Alternative Finance, about 10% of total Bitcoin hash power comes from independent miners, helping to balance power among mining groups.
"Independent miners are a crucial link in enhancing decentralization while strengthening the security of the Bitcoin network."
– Dr. Sarah Johnson, Blockchain Expert, Cambridge Centre for Alternative Finance, 2023
Dr. Sarah Johnson, Blockchain Expert, 2023
What is special about block 903,883 in Bitcoin mining activities?
Block 903,883 mined by Solo CK contains up to 3,949 transactions, exceeding the daily average in 2023 (approximately 2,500-3,000 transactions). The total reward is 3.173 BTC, equivalent to 349,028 USD at the current exchange rate at the time of mining.
Mining a block with a large number of transactions and high rewards demonstrates efficiency in managing and processing transactions, while reaffirming Solo CK's position in the mining community.
The significance of the 3.173 BTC reward in Bitcoin mining
The reward of 3.173 BTC includes block rewards and transaction processing fees, playing a role in motivating miners to maintain operations and support network security. This figure is quite remarkable, as the current block reward is 6.25 BTC/block, while the rest comes from gas fees due to the large volume of transactions processed.
According to a report from Blockchain.com, the average transaction fee on the Bitcoin network ranges from 0.1 to 0.5 BTC per block; however, this block with a massive number of transactions has generated exceptional fees, reflecting the strong vitality of trading activities recently.
How do independent miners like Solo CK achieve high efficiency in mining?
Independent miners must invest in advanced mining technology and optimize mining algorithms to take advantage of rewards when blocks are completed. Solo CK is noted to use modern ASIC devices along with a strategy of selecting transactions with high gas fees to maximize profits.
Efficient mining techniques and uninterrupted operational capabilities help Solo CK maintain its position in the fiercely competitive market among global miners. Moreover, independence allows them greater flexibility in deciding which transactions to include in blocks.
"The key to the success of independent miners is technology and a selective transaction strategy, which requires deep understanding and strong resources."
– Michael Lee, CEO of the Blockchain Mining Company, 2024
Michael Lee, CEO of Blockchain Mining Company, 2024
Frequently Asked Questions
What is an independent miner? Independent miners self-organize mining without participating in centralized mining pools, contributing to increased decentralization of the Bitcoin network. Why does the mining reward include transaction fees? The reward consists of a fixed block reward and transaction fees received by miners to encourage network security and transaction processing. On average, how many transactions does a Bitcoin block contain? On average, each block contains between 2,500 to 3,000 transactions, but it can exceed this based on actual trading activity. How do independent miners compete with large mining pools? They rely on advanced mining technology and selective transaction strategies to maximize profits and maintain efficiency. Does the Bitcoin mining reward change over time? The reward decreases gradually according to the Halving mechanism every 4 years, currently at 6.25 BTC/block, and will continue to decrease in the future.
Source: https://tintucbitcoin.com/block-903883-bitcoin-bang-3173-btc/
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