An independent Bitcoin miner defied the odds by solving block #887,212, securing a $263K BTC reward. The miner used a 480GH Bitaxe, a compact, energy-efficient, open-source ASIC built for solo mining. This achievement highlights how open-source mining preserves Bitcoin’s decentralization, as outlined in Satoshi Nakamoto’s whitepaper.
On March 11, a lone Bitcoin miner successfully solved block 887,212 on the blockchain, earning a reward of $263,000.$BTC
Typically, such Bitcoin block achievements require massive computing power from industrial mining operations. But this miner accomplished it using a Bitaxe open-source ASIC miner.
Bitaxe ASIC is a compact and energy-efficient mining device. It shows that individuals with lower hashing power can still compete in the Bitcoin network.
Developer Tags Bitcoin Miner’s Feat a “One-in-a-Million” Chance
According to mempool.space data, the individual Bitcoin miner earned 3.15 BTC for solving the block. It was time-stamped on March 10 at 7:22 pm UTC. This reward includes the standard 3.125 BTC mining subsidy. An additional 0.025 BTC came from transaction fees.
Con Kolivas is the software engineer behind the solo.ckpool Bitcoin mining pool. He shared the independent miner's achievement in an X post. The solo Bitcoin miner became the 297th participant from the pool to mine a block successfully.
A 480GH Bitaxe is a compact, open-source ASIC miner designed for efficiency and low power consumption, making it accessible for Bitcoin solo miners.
In contrast, large Bitcoin mining companies use high-end ASIC machines like the Antminer S19 Pro, which deliver 110TH/s (terahashes per second) or more, outperforming Bitaxe’s 480GH/s (gigahashes per second).
These industrial-grade miners operate on large-scale farms with optimized cooling systems and massive energy consumption. At the same time, Bitaxe is better suited for hobbyists or solo miners experimenting with Bitcoin mining on a smaller scale.
Kolivas further noted that a miner using a device of this scale faces less than a one-in-a-million chance of solving a Bitcoin block per day.
To put this in perspective, a single device of this caliber would typically need approximately 3,500 years to successfully mine a block under standard conditions.
Despite Bitcoin’s origins as an open and decentralized network, the mining sector has become increasingly centralized, with dominant players keeping their hardware and innovations under wraps.
Open-source projects challenge this exclusivity by making mining technology accessible to anyone, leveling the playing field and enabling one-man mining operators to participate without relying on closed-source, corporate-controlled machines.
