Solo Miner Beats The Odds, Wins $160K In Bitcoin Block That Would Have Ordinarily Taken 450 Years

In the latest chapter of the ongoing story of solo Bitcoin BTC/USD miners’ success, another one has mined a block for the third time since January.

What Happened:  With limited processing power, an independent miner solved a block on the Solo CKPool platform, with a value of 6 BTC, worth $160,000.

Ck Pool admin Con Kolivas tweeted that for the average miner of this size, it would take around 450 years to solve a Bitcoin block like this. So the fact that this relatively modest miner at 17 terahashes per second managed to accomplish this feat so quickly is noteworthy, and the odds of getting there were approximately 1:5,500.

The mining process is key to adding blocks of transactions to public blockchains such as Bitcoin, Dogecoin DOGE/USD and Litecoin LTC/USD, as well as verifying them while creating new coins. By securing the blockchain’s integrity and incentivizing others to participate, mining operations make these networks possible.

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Why It Matters: Miners can improve their chances of receiving significant block rewards and transaction fees by using an increasing number of rigs. For context, a hash can be thought of as a problem that a computer, in this case, a miner, must solve. Miners capable of processing a terahash can solve one trillion of these problems in a second.

Interestingly, it appears that all the solo miners who have recently made headlines for striking Bitcoin are using the Solo CK Pool mining service. The company offers services tailored to large mining farms and individual miners.

Earlier, on May 24, Benzinga reported that an unknown miner verified over 10 Bitcoin blocks in a day, with a total of over 65 BTC worth over $1.7 million at current prices. 

Price Action: At the time of writing, BTC was trading at $26,110, up 1.14% in the last 24 hours, according to Benzinga Pro.

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