Bitcoin Miner Achieves Unprecedented Success
In an astonishing feat, a lone Bitcoin miner has successfully mined a full block, securing approximately $350,000 in Bitcoin with a surprisingly low-powered mining setup. This event took place recently, with Bitcoin historian Pete Rizzo highlighting the unusually slim odds faced by the miner, who utilized just 2.3 petahashes per second for this endeavor.
Details of the Mining Achievement
This achievement occurred within the CKpool mining pool, and it was reported that the chances of a miner operating at this level solving a block is about 1 in 2,800 on any given day, which translates to roughly once every eight years on average, reflecting a minuscule 0.004% likelihood. The miner successfully solved block number 903883, earning a reward of 3.173 BTC, valued at $349,028 according to Mempool Space.
Mining Setup and Equipment
While details on the specific mining rig used remain unclear, it is plausible that the miner employed several older ASIC miners capable of achieving 2.3 petahashes. Smaller-scale enthusiasts typically use rigs like the Bitaxe Gamma, FutureBit Apollo BTC, or Canaan Avalon Nano 3, which generally operate at only a few terahashes per second. Even less potent USB miners struggle to compete effectively, producing just kilohashes per second and among them, rare success in mining full blocks.
For a miner to successfully mine a single Bitcoin block within a month, they typically need around 166,000 TH/s of hashing power—equivalent to nearly 500 Antminer S21 Hydro units, which represents a substantial investment in hardware that could cost millions of dollars, as highlighted by Cointelegraph earlier this year.
Recent Trends in Solo Mining
This recent victory follows a series of successful solo mining efforts; in February, another miner achieved success with block 883,181, reaping a block reward of 3.125 Bitcoin worth over $300,000 at the time, speculated to be mined using a Bitaxe. Similarly, in June, yet another solo miner mined block 899,826 and secured a reward of around $330,000, marking it as a rare achievement amid rising network difficulties.
Luck vs. Hash Power in Mining
However, it’s important to note that success in solo mining hinges on luck rather than hash power alone. According to SoloChance, a miner with 2.3 PH/s has virtually one in 375,300 odds of successfully mining each block given the current difficulty settings.
Impact on Major Industrial Miners
Meanwhile, during June, there has been a noticeable drop in production among major industrial Bitcoin miners like Riot Platforms, Cipher Mining, and Marathon Digital Holdings. Many of these firms have intentionally reduced their mining activities in response to high demand charges in Texas, which escalate during the summer months due to increased electricity use.