Bitcoin Miner Successfully Solves Solo Block, Acquires Full Reward

According to CryptoPotato, a Bitcoin miner has successfully solved a network block independently, earning a full 3.125 BTC reward. This event occurred at block 841,286, following the fourth Bitcoin halving on April 20 at block 840,000. The halving reduced the block reward from 6.25 BTC to 3.125 BTC, currently valued at approximately $200,000. On April 29, Con Kolivas, a software engineer and administrator from the solo mining pool ckpool, announced that an individual miner, not a large company, had solved the 282nd solo block in Bitcoin’s history. This is a rare occurrence, with only 282 instances recorded out of approximately 841,300 blocks produced since Bitcoin’s inception 14 years ago. Kolivas noted that this miner had a significant hash rate of approximately 120PH (peta hashes) at the time, equivalent to around 0.12 EH (exa hashes), with an average of around 12PH over a week. This hash rate was roughly 0.02% of the total network hash rate. Kolivas speculated that this miner had either recently transitioned from pooled mining post-halving, likely due to no longer covering their electricity costs for pooled mining, or they may have been intermittently hashing or renting large amounts alone. The achievement is significant due to the rarity of mining a valid block solo, likened to winning the lottery. Mining Bitcoin involves participants contributing computational power to solve and add the next block to the network. However, with the increasing price of Bitcoin, mining has become more popular, leading to increased competitiveness, known as difficulty, and an increase in hash rate, or network horsepower. As a result, it has become nearly impossible to solve a block alone due to this high competition. In March 2023, a solo miner successfully secured the entire 6.25 BTC reward for solving a block. However, Bitcoin prices were considerably lower during that time, resulting in the reward being valued at around $150,000. The most recent solo block was mined on April 5, just a couple of weeks before the halving. A solo miner successfully solved block 837,814 with a hash rate of 7PH. Notably, the reward was valued at approximately $422,750 at the time. According to Bitinfocharts, the average network hash rate currently stands at 618 EH/s (exa hashes per second), reaching an all-time high of 728 EH/s on April 23. This is an increase of more than 90% over the past 12 months, showing the exceptional nature of the latest solo mining achievement.