1 in 1.3 Million: Bitcoin Solo Miner Beats Chance To Mine A BTC Block

  • By: Thorsten Meyer
  • Date: 18. January 2022
  • Time to read: 3 min.

Bitcoin miner beats 1 in 1.3 million chances to mine a Bitcoin block. Bitcoin mining is an expensive and competitive business, but not all miners are competing for the same reward – Bitcoin blocks. The Bitcoin network automatically adjusts difficulty so that BTC blocks are mined every 10 minutes on average, with the current rate of global hashing power set at 25 trillion hashes per second. This means that solo miners have about a one-in-1.3 million chance of finding a new block given their increased odds of success compared to pool miners who share their rewards across more people than just themselves!

Solo Mining 260k USD with 0.0000007% Bitcoin Network’s Hash Rate

When the odds were stacked against them, the miner won the bitcoin mining lottery. The hash rate of the solo miners amounts to just 0.0000007% of the entire Bitcoin network’s hash rate. Bitcoin mining is the process by which miners compete against each other to be the first to verify a hash that is below the network’s threshold.

The more hashes a miner can complete each second, the more likely they are to discover a valid block and broadcast it to the network, which is why they can test many possibilities each second. Even tiny miners can win the jackpot if the hash function generates a wide range of hashes dependent on even modest changes. Miners frequently modify the nonce and the transactions included in an attempt to discover the ideal blend of inputs that will result in a genuine hash.

Asic Cryptocurrency Mining Hardware 

Solo Bitcoin Miner 6.25 BTC Mines Reward 

A Bitcoin solo miner with only 120 trillion hashes per second (TH/s) found a new Bitcoin block – beating the one-in-1.3 million odds! This goes to show that solo Bitcoin mining is still a viable option for those willing to put in the extra work, even when the global hashing power is as high as it is now.

After successfully mining a new block on the Bitcoin blockchain, an individual miner made over $260K in wages. The fee is paid by the miner in order for a block to be accepted into the pool’s blockchain. The miner must pay a 2% fee to the pool, which equals BTC 0.125 or about USD 5,337.

Solo Bitcoin Miner 6.25 BTC Mines Reward

Dr. Con Kolivas tweeted “Congratulations to a bitcoin miner with only 126TH who solved a solo block on http://solo.ckpool.org see Block

6.25 BTC Reward for a Little Mining FArm

Does this mean that Bitcoin solo miners have a chance of finding new Bitcoin blocks even when the global hashing power is as high as it is now?

The answer to this question is a clear no or maybe yes, Bitcoin solo miners can still find new Bitcoin blocks when the global hashing power is high. However, the chances of finding a new Bitcoin block are lower when the global hashing power is high. This is because there are more Bitcoin miners competing for blocks when the hashing power is high. Therefore, it takes longer for Bitcoin solo miners to find a new Bitcoin block when the hashing power is high.

Conclusion – Small Bitcoin Miner Beats the Odds

When the odds were stacked against them, the miner won the Bitcoin Mining lottery. The hash rate of the solo miners amounts to just 0.0000007% of the entire Bitcoin network’s hash rate. Bitcoin mining is the process by which miners compete against each other to be the first to verify a hash that is below the network’s threshold.

The more hashes a miner can complete each second, the more likely they are to discover a valid block and broadcast it to the network, which is why they can test many possibilities each second. Even tiny miners can win the jackpot if the hash function generates a wide range of hashes dependent on even modest changes. Miners frequently modify the nonce and the transactions included in an attempt to discover the ideal blend of inputs that will result in a genuine hash.

1 in 1.3 Million: Bitcoin Solo Miner Beats Chance To Mine A BTC Block

A solo miner with only 120 trillion hashes per second (TH/s) found a new Bitcoin block – beating the one-in-one-point-three-million odds! This goes to show that solo Bitcoin mining is still a viable option for those willing to put in the extra work, even when the global hashing power is as high as it is now.

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