Key Takeaways
- Another solo Bitcoin miner recently achieved significant success by mining block 860749, earning a reward of approximately $180,000.
- The achievement is extra impressive given that Bitcoin’s hashrate continues to tap all-time highs, meaning the mining industry is more competitive than ever.
- The last block mined by a lone wolf was less than two weeks ago at Block 858978, with the winner scoring over $200,000 in rewards, while another was mined in late July at Block 853742 for a similar payout.
Lone Bitcoin Miner Strikes Gold
Another unidentified solo Bitcoin miner achieved an impressive feat by successfully mining block 860749 and earning a reward of 3.169 BTC, valued at approximately $181,000.
This accomplishment is noteworthy given the current high hashrate in Bitcoin mining, which makes the competition more intense than ever before.
Solo CK, the mining pool used by the miner, uniquely allows participants to keep all mining rewards, unlike traditional pools that distribute rewards among members.
The Challenge of Solo Mining
Solo mining is akin to a lottery, where miners with more computing power have better odds of earning rewards, but it also carries significant risks.
Due to Bitcoin's price fluctuations and rising operational costs, the inconsistency of solo mining can lead to economic challenges for miners.
Despite these difficulties, recent months have seen a surprising uptick in successful solo mining attempts.
Market Dynamics and Future Implications
The success of solo miners comes as larger mining operations dominate the market, with FoundryUSA and Antpool accounting for 60% of Bitcoin’s hashrate.
According to Matthew Sigel from VanEck Digital Assets, lower electricity costs may enable miners to hold onto their Bitcoin rewards instead of selling them.
This change could reduce selling pressure on the Bitcoin market, potentially impacting its price in the future.
The last block mined by a lone wolf was less than two weeks ago at Block 858978, with the winner scoring over $200,000 in rewards, while another was mined in late July at Block 853742 for a similar payout.
