An individual miner successfully mined a block, earning 266,000 U

I call it a lottery win.

But does this prove that solo mining still has hope? Or is it pure luck?

Share your thoughts!

Details:

On 3/21, an independent Bitcoin miner (not part of any mining pool) successfully mined block 888737, receiving a block reward of 3.125 BTC. Including transaction fees, the total value is approximately 266,000 U.

What does this represent?

Solo mining means this miner solved the cryptographic puzzle of Bitcoin all by themselves, without relying on the power of large pools.

This is very difficult because Bitcoin mining is highly competitive; large mining pools integrate individual miners to increase hash power and secure their share, while large mining farms have many machines, boasting high hash power. What about the individual miner? They have low hash power and slow speeds, making it nearly impossible to mine a block independently—it's a venture with extremely low success probability and a waste of money. However, this success proves that even in such circumstances, individual miners can achieve results through luck!

Another perspective is the decentralized nature of Bitcoin! It’s not just for the big players.

Cold Water Series

Small mining machines like Bitaxe, FutureBit Apollo, Canaan Avalon Nano 3, and BitChimney are often referred to as 'lottery-style mining' due to their weak hash power.

For instance, the success probability of the small mining machine Bitaxe (480 GH/s) is only one in a million each day, meaning it would take an average of 3,500 years to mine one block.

However, as of now, 297 independent miners have successfully mined blocks through solo.ckpool, with the highest reward being 3.15 BTC (including fees), which happened this time, so it’s not completely hopeless.

#Bitcoin #SoloMining #Crypto #Bitcoin #Cryptocurrency #币圈 #区块链 #挖礦

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