Tiny Bitcoin miner defies massive odds to solve a valid block

In the dark depths of a bitcoin mining pool, there are thousands of miners working on solving blocks. But one miner has defied this odds to win over $17000 in bitcoin lottery jackpots. Why did he succeed and how could we learn from his success?

The “bitcoin solo mining odds” is a story about a tiny Bitcoin miner, which defies massive odds to solve a valid block.

 

The Solo CK mining pool’s only Bitcoin miner overcame the odds by successfully adding a new block to the Bitcoin network and earning 6.25 BTC ($266,000) in reward.

The fortunate miner, who may have only been using one or two computers, used their meager 126 TH/s hashrate power to solve a block. It is similar to around 0.000072 percent of the whole Bitcoin (BTC) network hashrate, which is 175,000,000 TH/s (175 EH/s), according to a tweet by Solo admin, Dr. Con Kolivas, on January 11.

Hass McCook, a member of the Bitcoin Mining Council (BMC) and a specialist in bitcoin mining, told Cointelegraph that he had never heard of anything similar and that to suggest it was unusual would be an understatement.

According to him, having 0.000072 percent of the hashrate typically indicates that Solo CK will win 1 in 1,400,000 blocks, or 0.000072 percent of all blocks.

“Even transaction settlement in Bitcoin is probabilistic. The less likely it is that your transaction will be reversed, the more confirmations you have on it.

Related Article: A Beginner’s Guide to Mining Bitcoin

McCook said that the miner could have been operating only one piece of equipment. Solo CK might have even been mining with just one overclocked rig as the Antminer S19 has a 110TH/s capacity! It was probably 5 or 6 Antminer S9 devices. In any case, a home miner may very well be the culprit, he said.

The number of hashes, or mathematical equations, that a computer can solve per second is referred to as its hashrate. Every 10 minutes on average, a new BTC block is created. Dr. Con Kolivas calculated that the likelihood of discovering a block every day with that has was just one in 10,000, but he also noted that the miner was unlikely to repeat the accomplishment.

For the involved miner, it’s a once-in-a-lifetime opportunity, Kolivas stated.

Even the smallest miner can solve a block, despite the fact that bigger miners often do so statistically.

He saw that around a year before, a minor miner in his pool had cracked a block.

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