A remarkable solo Bitcoin miner has captured attention by successfully mining block number 858,978 on the Bitcoin blockchain, earning a reward of 3.275 BTC valued at $199,098 at the time. This block, mined earlier today, included 2,391 transactions, as per blockchain data.
JUST IN: A solo miner has just mined a block worth 3.275 #Bitcoin valued at $199,098.
LEGEND 🤯 pic.twitter.com/rqscP29dud
— Bitcoin Magazine (@BitcoinMagazine) August 29, 2024
Bitcoin mining is the process by which new bitcoins are introduced to the market. It involves using sophisticated computers to solve complex mathematical problems that validate and add transactions to the blockchain. Miners receive newly minted bitcoins, known as the block subsidy, as well as transaction fees from users as rewards.
This miner’s achievement is remarkable in the face of the competitive Bitcoin mining landscape dominated by large mining pools. Solo miners like this face the challenge of competing against powerful mining pools, but as demonstrated by this and previous solo miners’ successes, the rewards can be significant.
“Congratulations to miner 36AisvWi1UiwLTeTZxLzindAkorqeUc3tT for solving the 291st solo block on solo.ckpool.org!” stated Solo CK administrator Dr. Con Kolivas. “This substantial miner with 38PH would, on average, solve a block once every ~4 months.”
This solo miner’s accomplishment is a reminder of the decentralized nature of Bitcoin, where anyone with the necessary resources can actively participate in and reap the benefits of the network.
