Bitcoin mining has become increasingly difficult, with block rewards dropping from 6.25 bitcoins to 3.125 bitcoins. However, a solo miner recently made a significant discovery by finding block 841,286.
The mining climate for bitcoin has become harsh, with the network’s difficulty reaching an all-time high of 88.10 trillion. This complexity, combined with the dominance of powerful mining pools, has made it challenging for solo miners with older equipment to compete. Most miners with even a few ASIC miners typically join pools to increase their chances of earning block rewards, which are then shared among participants.
Despite these challenges, some miners still choose to go it alone or join pools that allow them to keep a substantial share of the rewards if they contribute to discovering a block. One such pool is Solo Ckpool, which incentivizes individual efforts. On April 28, 2024, an administrator of this pool announced that a lucky solo miner successfully mined block 841,286, marking a significant achievement in the post-halving era.
The Ckpool developer congratulated the miner and speculated that they may have switched from pooled mining to have a chance at a solo block or have intermittently mined large amounts solo. This news comes as the hashprice, or the expected value of one petahash per second of hashing power per day, has dropped below $50 per petahash. The network’s hashprice was recorded at $49.62 per petahash on April 28, 2024. The overall hashrate has also decreased, with a three-day simple moving average showing a drop to 605 exahash per second from a peak of 655 EH/s observed just three days prior. With the declining hashrate and longer block intervals, the anticipated difficulty adjustment set for May 8, 2024, is expected to result in a reduction.
In the world of bitcoin mining, where the network’s difficulty remains at unprecedented levels, the discovery of a block by a solo miner is an extraordinary event. This success story highlights the element of chance that still exists in mining, especially for those who choose to go it alone. It serves as a reminder that even against overwhelming odds and dominant mining pools, solo miners can still strike digital gold, although it may happen less frequently.
What are your thoughts on the solo miner discovering block 841,286 among the mining pool giants? Share your opinions in the comments section below.
