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Solo Bitcoin miners keep winning against long odds Solo Bitcoin miners keep winning against long odds

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Solo Bitcoin miners keep winning against long odds – Crypto News

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6 months ago

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Solo Bitcoin miners have been beating the odds, winning full block rewards even as the network’s hashrate remains near record highs.

As reported by Cointelegraph, data from Blockchain.com shows the network is running at around 902 exahashes per second (EH/s), just shy of its peak. That level of competition makes it rare for an individual miner to secure a block.

Even so, last week a solo miner using the Solo CK pool mined block 907,283 and earned the full 3.125 BTC reward – worth about $372,000 at the time – plus $3,436 in transaction fees. It was not a one-off: earlier in July, a miner with only 2.3 petahashes of power also claimed a block, following similar wins in June, March, and February.

Samuel Li, chief technology officer of ASICKey, said these results are not just luck. “We’re seeing solo miners win blocks not because of luck, but because they’re running powerful, efficient hardware,” he told Cointelegraph. Modern rigs, he added, can deliver high hashrates without the heavy power draw of older machines.

Efficiency matters

Li explained that for solo miners, efficiency means generating more hashrate with less electricity. Improving this ratio has been the focus for both small miners and large firms, which are competing to cut costs and improve margins.

Even with better hardware, the basic odds haven’t changed much. “Solo mining is still mostly a lottery, unless you control tens of PH/s, which is realistically the bare minimum for having a measurable statistical shot at success in a reasonable time frame,” Li said. At today’s hashrate, a miner with one petahash has roughly a 1 in 650,000 chance of solving a block every 10 minutes.

Why mine alone?

Li said solo mining has seen a “modest resurgence,” although it’s not often undertaken with the intention of generating a steady income. Some miners are chasing the possibility of a large payout – 6.25 BTC plus fees – that could be life-changing if won. Others are motivated by a belief in decentralisation and prefer operating outside of major mining pools.

Mining remains dominated by a few large players. Foundry USA accounts for 29.3% of the total hashrate, followed by AntPool at 16.2%, ViaBTC at 12.0%, and F2Pool at 11.6%, according to Hashrate Index. If a single pool or small group controlled over half the hashrate, they could theoretically attempt a 51% attack, which would allow double spending and undermine trust in the network.

“Ultimately, more solo miners – especially those operating on clean energy and efficient hardware – could represent a healthier, more decentralised Bitcoin network, which is aligned with the original vision of permissionless participation,” Li said.

(Photo by Traxer)

See also: Coinbase exchange targets alleged cybersquatter in lawsuit

Tags: bitcoin, cryptocurrency

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