Bitcoin: Independent Crypto Miner Hits the Jackpot!

Although criticized for its carbon footprint, crypto mining, and bitcoin mining in particular, is a profitable business. It is dominated by large, financially powerful companies. But the operation remains accessible to a handful of independents, some of whom are renowned for their efficiency.

Solo Ckpool makes independent crypto mining relevant

A miner has successfully mined Bitcoin block 814,308, reaping the full reward linked to this block in the process. Such is the surprising news surrounding the vital activity of crypto mining.

If this news is surprising, it’s because of the status of the bitcoin miner in question, whose identity has not been disclosed. In fact, it’s a particularly modest miner with a hash power of just 11 petahashes per second (PH/s).

This level is relatively low compared with the orders of magnitude of mining activities. This begs the question: how, with such a low hashrate, did the bitcoin miner achieve such a performance?

The answer is that this remarkable achievement was made possible by the use of Solo Ckpool. This is a platform designed for independent miners with weaker hashrates or older, less efficient hardware.

Lucky Solo Miner With 11 PH/s Bags #Bitcoin  Block Reward Amid Giant Pools #CryptoNews pic.twitter.com/RiZJf1zldo

— Elizabet_NFT (@Elizabet_NFT) October 30, 2023

Bitcoin block addition explosion by independent miners

The feat achieved by this independent miner with Bitcoin block 814,308 appears not to be an isolated case. It is part of a crypto trend of increasing block additions by independent miners.

Con Kolivas, the developer who oversees Solo Ckpool revealed that in August 2023, that an independent miner had successfully mined Bitcoin block 803 821. This, using only 1 PH/s of hashing power.

Earlier this year, notably in June, another independent crypto miner achieved a similar feat concerning Bitcoin block 793 607. He achieved a hashrate of 17 terahashes per second (TH/s), suggesting the use of an older Bitmain S9 unit.

These remarkable feats of independent miners are not limited to smaller miners with weaker hashrates. Indeed, in March 2023, an independent miner with a hashrate of 1 exahash per second (EH/s) mined Bitcoin block 782,845 and Bitcoin block 782,867. Kolivas emphasized the rarity of such feats. He pointed out that a miner with 1 PH/s of hashrate, for example, only has a chance of discovering a block once every seven years.