Bitcoin solo miners continue to receive block rewards despite the odds

Solo miners continue to defy the odds and claim full Bitcoin block rewards, even though network hashrate is at near-all-time highs.

Bitcoin is currently trading at $0.001 as of the date this article was written.BTCHashrate hovers at 902 exahashes/second (EH/s), only a few seconds below the all-time high. according Blockchain.com. This figure indicates a growing level of competition, and a higher degree of difficulty. It suggests that individual miners have fewer chances to be successful in winning a block.

But last week a single miner has defied all odds. securing block 907,283 You can earn the 3.125 BTC rewards via Solo CK, which was worth more than $372,000 in the past. A miner received $3,436 more in transaction fees.

It wasn’t a one-off. In July another miner had 2.3 petahashes. claimed a full block rewardSimilar wins were recorded in June, March The following are some examples of how to get started: back in February.

“We’re seeing solo miners win blocks not because of luck, but because they’re running powerful, efficient hardware,” Samuel Li is the chief technology officer at ASICKey. Samuel Li, chief technology officer of ASICKey told Cointelegraph that the modern miner is built for performance. “serious hashrate” The traditional power supply is not required.

Related: Solo Bitcoin miner scores $373,000 block reward

Focusing on Efficiency

Li mentioned that efficiency was key for solo miners. “Take our KEYMINER A1—it draws just 650 watts but delivers 1,100 TH/s on Bitcoin, with monthly profits around $1,200. For those diversifying into altcoins, it can earn up to $3,800 per month mining Dash,” He noted.

ASICKey launched its hardware line in November of last year. This includes the KEYMINER X, KEYMINERPRO and KEYMINER A1.

The company claims that the KEYMINER X can deliver 2,300 terahashes per second (TH/s), while the PRO version offers 5,800 TH/s with 2,800 watts. The company expects the PRO to generate up to $6300 per month under current market conditions.

Although the efficiency of application-specific integrated (ASICs) has increased, there are still some limitations. “fundamental odds [of solo miners winning] haven’t shifted much,” Li said.

“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 within a reasonable time frame,” He also added.

Li said that the current Bitcoin hashrate gives a miner who has one petahash of hashpower a chance of 1 in 650,000 of solving a new block each 10 minutes. One petahash (PH/s), is equal to 1,000 terrahashes (TH/s).

Related: Tether plans to open-source Bitcoin mining OS; CEO says ‘no need’ for 3rd party vendors

Why is mining going alone?

Li has confirmed there was a “modest resurgence” There are many reasons why people may be interested in mining solo. “Some miners are choosing it not for predictable income, but for the possibility of a big reward—6.25 BTC plus fees—which can be transformative if won,” He noted.

Although monetary incentives have a major role to play, others are motivated by ideologies that value decentralization of the network and independence from centralised mining pools.

The following is a list of data From Hashrate Index it is clear that US-based Foundry USA, which controls 29.3%, continues to be the leader in Bitcoin mining. AntPool is next with 16.2%. ViaBTC, F2Pool and F2Pool are respectively holding 12.0% and 116%.

Theoretically, if a pool or a group of pools control 50%+ hashrate they can theoretically become the winner. launch a 51% attackThis would enable them to spend coins twice. Such an event, while rare and expensive would undermine the trust of users in the network.