A single Bitcoin miner was paid for adding block 780,112 to the Bitcoin network, beating the odds while many others were competing for the same prize.
The miner set up a solo mining pool with the help of the Solo CK Pool mining service, generated a valid hash for the block and was rewarded with 6.25 Bitcoin plus a fee reward of about 0.63 Bitcoin, or over $148,000 as calculated by the Bitcoin explorer on BTC.com.
A Twitter user pointed out how fortunate the solitary miner was to obtain the proper hash, stating it would generally take a miner significantly longer to construct a legitimate transaction given the low computer power they employed.
“A miner of this magnitude will, on average, solve a block once every ten months,” tweeted @ckpooldev. They have been mining alone for the last two days and have been quite fortunate.”
According to data collected by @ckpooldev, the miner operated at an average hashrate of 6.7 PH/s. When the block was added, Bitcoin’s overall hash rate was about 308,262 PH/s; therefore, the lone miner’s hash rate of 6.7 PH/s constituted approximately 0.002% of the blockchain’s total processing power.
A username on the Bitcoin site bitcointalk.org claimed credit for obtaining the legitimate hash, stating that he leased additional computing capacity for less than a day using the nicehash service.
It is a tremendous stroke of luck to find a block with such a hashrate, commented the forum member Pineconeeee.
According to his tweet, the lone miner from Russia claimed that they regularly utilize 270 TH/s (terahashes per second) of processing power but leased 5 PH/s (petahashes per second) of power last Thursday.
The block produced by the solitary miner contains 3,220 Bitcoin transactions valued at around $16,940.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.