Bitcoin Mining: Solo Miner Scoops Entire $3.125 BTC From Single Block, Here’s How

Bitcoin (BTC) Mining Difficulty Resets, Can it fuel Price Rebound?

In a remarkable feat of luck and precision, a solo miner has recently struck a digital goldmine within the vast landscape of Bitcoin (BTC) mining. Thomas Fahrer, co-founder of Apollo, a portal for tracking Bitcoin statistics, disclosed the extraordinary event. Moreover, highlighted that a solo Bitcoin miner grabbed block rewards of a whopping 3.319 BTC.

Solo Miner Bags Bitcoin Mining Jackpot

In a post on X, Fahrer stated, “A solo miner just mined a block worth 3.319 Bitcoin ($203,000).” This windfall, grabbed on Monday, May 13, comprised 3.125 BTC block rewards valued at $202,687. In addition, the miner labeled as Solo CK attained additional 0.194 BTC transaction fee reward totaling $11.856.

Furthermore, Fahrer emphasized the rarity of such an occurrence, noting that it transpired with odds “less than 1 in 1,000.” Indeed, this marks only the 283rd instance recorded among the over 843,200 blocks minted since Bitcoin’s inception 14 years ago

The 843,231 Bitcoin block boasted an impressive health rating of 99.67%. This showcasing the efficiency and reliability of the mining operation. Earlier, on April 29, a Bitcoin miner accomplished a similar feat by autonomously solving network block 841,286, earning them a complete reward of 3.125 BTC.

The fourth Bitcoin Halving event that concluded on April 19, 2024, reduced the Bitcoin mining block rewards to 3.125 BTC from 6.25 BTC. Hence, the above-mentioned two instances mark the only cases of an individual miner mining the entire block after the latest Halving.

Also Read: Robert Kiyosaki Advocates Bitcoin Amid Impending BRICS Crypto Launch

BTC Hashprice Plummets

Following the fourth Halving event on the Bitcoin network, an essential metric shedding light on the profitability of BTC mining has hit an unprecedented low. The hashprice, termed by Luxor, plunged to a record low of $48.47 on Sunday, May 12.

This significant drop in the hashprice comes shortly after the recent Bitcoin Halving on April 19. This event, occurring approximately every four years, saw a halving of the reward for miners, thereby decreasing the incentives for securing the network. Consequently, as miners contend with reduced rewards, the hashprice metric serves as a crucial indicator of their potential earnings.

Hashprice, which is expressed in various currencies but commonly displayed in USD or BTC (sats), measures the expected value of 1 TH/s of hashing power per day. Furthermore, it acts as a gauge of a miner’s potential income based on network difficulty, Bitcoin’s price, block subsidy, and transaction fees. Noteworthy is the utilization of a 144-lagging Simple Moving Average (SMA) by Luxor’s Bitcoin Hashprice Index, which considers transaction fees, providing a comprehensive perspective on mining profitability.

Additionally, the hashprice is closely tied to fluctuations in Bitcoin’s price and transaction fee volume, yet it moves in the opposite direction of changes in Bitcoin’s mining difficulty. Moreover, the recent declining trend in the hashprice hints at challenging times ahead for miners, who now confront increased operational expenses and diminished revenue streams.

Also Read: Bitcoin News: Satoshi-Era Bitcoin (BTC) Addresses Awakens With Massive Gains

The post Bitcoin Mining: Solo Miner Scoops Entire $3.125 BTC From Single Block, Here’s How appeared first on CoinGape.

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