A solo Bitcoin miner has managed to mine block 780,112 on the Bitcoin blockchain, receiving a block reward of 6.25 Bitcoin (BTC) in return. The estimated value of the payment is more than $150,000.
The lone miner was also lucky to have produced a valid hash after just two days of mining, as the event itself is rare and it can take months for a lone miner to produce a valid hash.
The rare event occurred on March 10 and was the 270th solo block mined in Bitcoin’s 13-year history. The event is rare because a lone miner of this size typically solves a block, on average, once every 10 months.
Congratulations to miner39nDQ9BexEBXpRdkHY1z95CaMDEwh6muPW who solved block 270 solo in https://t.co/UWgBvLkDqc with 6.7HP but doesn’t seem to have been mining for very long https://t.co/WGVBC3QajX
— Dr. Con Kolivas (@ckpooldev) March 10, 2023
The miner created a solo mining pool using the Solo CK Pool mining service, for which they produced a valid block hash and were rewarded with 6.25 BTC, with a reward fee of approximately 0.63 BTC.
Con Kolivas, the Solo CK mining pool administrator, pointed out that the miner behind the rare event might have temporarily rented hashing power to produce the output hash.
Bitcoin mining requires miners to input computing power to solve and add the next Bitcoin block to the network. However, with the growing popularity of BTC mining and the constantly increasing hash rate of the network and powerful mining machines, it is almost impossible for a lone miner to solve the entire block on his own.
Related: How To Mine Bitcoin: A Beginner’s Guide On How To Mine BTC
Therefore, a valid block hash is often produced using the computational power of multiple mining rigs, all trying to mine the next block. The block reward is distributed according to the input hash rate of each miner in the mining pool.
The Solo CK mining pool has also been behind several solo mined Bitcoin blocks in the past. Two of these solo-mined blocks arrived in January 2022, just two weeks apart, the first on January 11, 2022, with a block height of 718,124, followed by another on January 24, with a block height of block of 720 175.
