Lone Bitcoin Miner Wins $350K with Tiny Rig
The post Lone Bitcoin Miner Wins $350K with Tiny Rig appeared on BitcoinEthereumNews.com. A solo Bitcoin miner secured $350,000 using 2.3 petahashes. Overcame 1 in 375,300 odds to mine block 903883. CKpool solo win showcases small-scale mining potential. One miner mined a complete block, earning approximately 350,000 dollars.CKpool single miner used a 2.3 petahash per second rig to mine block 903883. This achievement proves that the small-scale miners have a chance to compete in a domain dominated by colossal companies. Source: Mempool Space The miner’s success came against staggering odds. By contrast to a network hash rate of more than 846 exahashes per second, a 2.3 petahash installation is a drop in the computing ocean. Industry experts estimate the odds of success of such a game at 1 in 375,300 or approximately once every eight years for a miner of this setup. Defying the Odds in Bitcoin Mining The CKpool administrator praised the miner for the achievement and noted that the miner broke the block using very low hash power compared to industrial installations. It is a rare victory because there are huge mining pools that operate with thousands of petahashes. Subsidies of 3.125 BTC block reward and fees were expected to be 349,028 USD. Source –X According to bitcoin historian Pete Rizzo, it was a show of the decentralized spirit of the network. The success brings out the nature of the design of Bitcoin, in which every individual with computational power has a low probability of mining a block. The miner must have used the older generation ASIC gear that is capable of producing 2.3 petahashes. Even small-scale miners use this kind of setup, though the exact specifications remain unknown, it costs much less than industrial rigs. This ready availability gives hope to hobbyists who would like to venture into the mining of Bitcoin. Source- blockchain.com In April…
The post Lone Bitcoin Miner Wins $350K with Tiny Rig appeared on BitcoinEthereumNews.com.
A solo Bitcoin miner secured $350,000 using 2.3 petahashes. Overcame 1 in 375,300 odds to mine block 903883. CKpool solo win showcases small-scale mining potential. One miner mined a complete block, earning approximately 350,000 dollars.CKpool single miner used a 2.3 petahash per second rig to mine block 903883. This achievement proves that the small-scale miners have a chance to compete in a domain dominated by colossal companies. Source: Mempool Space The miner’s success came against staggering odds. By contrast to a network hash rate of more than 846 exahashes per second, a 2.3 petahash installation is a drop in the computing ocean. Industry experts estimate the odds of success of such a game at 1 in 375,300 or approximately once every eight years for a miner of this setup. Defying the Odds in Bitcoin Mining The CKpool administrator praised the miner for the achievement and noted that the miner broke the block using very low hash power compared to industrial installations. It is a rare victory because there are huge mining pools that operate with thousands of petahashes. Subsidies of 3.125 BTC block reward and fees were expected to be 349,028 USD. Source –X According to bitcoin historian Pete Rizzo, it was a show of the decentralized spirit of the network. The success brings out the nature of the design of Bitcoin, in which every individual with computational power has a low probability of mining a block. The miner must have used the older generation ASIC gear that is capable of producing 2.3 petahashes. Even small-scale miners use this kind of setup, though the exact specifications remain unknown, it costs much less than industrial rigs. This ready availability gives hope to hobbyists who would like to venture into the mining of Bitcoin. Source- blockchain.com In April…
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