The processing power of this miner does not reach 0.01% of the Bitcoin network.
This miner could have been inspired by another who accomplished the feat a day earlier.
Does the feat become “everyday”? For the second time in less than a week (and the third time in less than a year) a miner with a tiny portion of the Bitcoin network’s processing power solved a network block on his own. Thus he took the reward of 6.25 bitcoin (BTC), plus the fees of the transactions that were confirmed in block 718,379. An additional 0.02 BTC added to your earnings.
The 6.27 BTC earned in this opportunity equal to more than $275,000 at the current market price of the cryptocurrency. The miner who managed to beat the odds accumulated just 116 TH/s (terahashes per second) of computing power, as reported by developer Con Kolivas via Twitter. this wednesday night 12th of January.
To put it in perspective, the processing power used by this miner it is not even equal to 0.01% of the accumulated by all the miners of the Bitcoin network, which covers about 179,000,000 TH/s (or 179 EH/s), according to data from BTC.com.
Due to the implementation of specialized mining equipment (ASICs) in the Bitcoin network, it is currently very difficult to solve a single block. This, however, was common in the early days of the web, when you could mine using personal computers or even mobile phones.
Since then, the difficulty of mining a block has grown exponentially. Thus, the common way to join the mining industry is to be part of a pool or group of miners who combine their respective computing powers and distribute the profits for each block to all the participants. Thus, each individual miner guarantees frequent rewards even though it is not one of their teams that ends up finding the block.
Success story, inspiration for this bitcoin miner
Although the miner individually took the prize on this occasion, the truth is that his operation is not completely solitary. Just like the one that achieved the feat this Tuesday (which we reported on CriptoNoticias), this miner is part of a pool, called Solo CK.
This mining group, created by Kolivas himself, has a different approach from the rest, and it is the one that makes possible cases like the ones we have seen in recent days: if any of the members solves the block, keeps 98% of the reward it contains. The other 2% goes to the development and maintenance of the pool.
That Solo CK approach is made particularly attractive to “miners with old or inefficient equipment who will never get any rewards” from pool mining and prefer to “leave mining as a lottery,” as they describe on their website. But this opportunity comes with the fact that “if you don’t find a block, you don’t get any rewards with solo mining.” All or nothing.
Kolivas explained in a second tweet about this feat, a fact especially striking: the new award-winning miner had not even been incorporated into Solo CK for two days. This, in the opinion of the developer, could be considered as a case inspired by the previous miner who managed to get a solo bounty just over a day ago.