Solo Miners Secure Significant Rewards Despite Industry Competition
Solo Miners Overcome Competition to Secure Block Rewards
In the fiercely competitive Bitcoin mining industry, solo miners have made remarkable strides in securing block rewards. Dr. Con Kolivas, a Bitcoin CGMiner software engineer, confirms this trend. The most recent success occurred on October 28, 2023, when a miner using the Solo Ckpool platform secured the Bitcoin block reward of block 814,308. What’s fascinating is that this miner achieved this feat with just 11 petahash per second (PH/s) of hash power.
Solo Ckpool: Empowering Miners with Independence
Solo Ckpool, a platform specifically designed for miners with less advanced hardware or lower hash rates, offers a significant advantage. Miners using this platform can retain an impressive 99% of the reward upon discovering a block. This feature sets Solo Ckpool apart from traditional mining pools that distribute rewards among all members. It provides greater independence and autonomy to individual miners.
Successes of Solo Miners
The achievement in October is not an isolated event. Throughout the year, there have been several instances of solo mining successes. In August, a miner solved block 803,821 with just 1 PH/s of hashpower, earning a remarkable $160,000 reward. In June, another miner operating an older Bitmain S9 device with only 17 terahash per second (TH/s) discovered block 793,607. There was even an instance where a miner with a substantial 1 exahash per second (EH/s) hashpower mined two blocks in quick succession without any large pool support.
Unleashing the Potential of Individual Miners
These achievements highlight the potential for individual miners to rival larger mining operations that typically dominate the industry. Solo mining pools offer an alluring combination of unpredictability and independence, despite the high network difficulty. Mining a Bitcoin block is not solely dependent on immense computational power; luck also plays a pivotal role in block discoveries, akin to winning a lottery.
Rising Hashrate and Competitive Market
This year has witnessed a steady increase in the Bitcoin Hashrate, peaking at 456 EH/s earlier this month before slightly dropping to 443 EH/s. Despite the network difficulty reaching 62.46T, the average block time remains approximately 8 minutes and 52 seconds. These solo miners remain undeterred by the rising mining difficulties and the fiercely competitive Bitcoin mining market, continuing to secure substantial rewards.
This article was reviewed by an editor for accuracy and quality.
