Remarkable Achievement in Bitcoin Mining
In a remarkable display of luck and skill, a lone Bitcoin miner recently achieved a significant milestone by successfully mining block 907,283, resulting in a reward of $373,000. This accomplishment is particularly impressive given the astronomical odds against solo mining, which are estimated at approximately one in 4.26 million for an individual with a hashing power of 1 PH/s to find a block in just one day.
Understanding the Odds
To put this into perspective, the likelihood of being struck by lightning during a person’s life stands at about one in 15,300—meaning you are 278 times more likely to encounter lightning than to mine a Bitcoin block solo on any given day.
Currently, the Bitcoin network produces around 900 new coins daily, yet a solo miner has a negligible impact on the total network hashrate, which is around 600 EH/s. Due to these staggering odds, an individual would have to spend over 4 million days mining to statistically win a block, an unfeasible prospect for the vast majority.
The Evolution of Mining
Historically, solo mining was the only method available during the inception of Bitcoin, when early enthusiasts utilized standard personal computers to mine. However, as the network has evolved and grown in complexity, solo mining has become increasingly rare. By 2013, it was evident that mining pools were dominating the process, and even today, they contribute to over 99% of blocks mined. Solo mining has largely become an avenue for hobbyists, who often find themselves paying for electricity and upkeep without much chance of yielding any returns.
Rarity of Solo-Mined Blocks
Interestingly, the occurrence of a solo-mined block, like the one achieved recently, is exceedingly rare. Earlier in February, a similar feat was reported by U.Today, showcasing the ongoing albeit diminishing viability of solo mining in the contemporary Bitcoin landscape.
