Bitcoin Miner Earns $235,000 Rewards by Singlehandedly Solving a Block

Bitcoin mining is an expensive, power as well as time-consuming operation that usually requires consistent efforts in order to claim profits.

Usually, mining is carried out in a pool where more than one miner joins forces to solve the block and claim the rewards. However, this particular event stood out for its unlikeliness.

The One Man Miner

As reported recently by the admin of the CKPool Dr. Con Kolivas, the miner had the accomplishment by successfully solo mining a block with merely 86 Terra Hashes of power. The reason why mining operations are conducted in a pool is to minimize the overhead costs and mint profits on a regular basis.

Although it was rare, in the future with more powerful machines being developed such as Bitmain’s new miner with over 198 THs of power, such events could occur more frequently.

ANTMINER S19 Pro+ Hyd. has officially launched! Equipped with a hashrate of 198 TH/s, power consumption of 5445W, and power efficiency of 27.5 J/TH. The S19 Pro+ Hyd. operates with the latest liquid cooling technology. Enter a new era of liquid cooling. #BITMAIN #ANTMINER pic.twitter.com/fMpO3mD2cH

— Antminer_main (@Antminer_main) January 17, 2022

Adding to the sentiment Kolivas stated:

“There are a lot more miners now on the solo pool and if enough people are mining solo, someone will eventually be the lucky one as here.”

Bitcoin Mining Isn’t Getting Easier

While the event did take place it was mostly luck by chance since the rising competition from other miners is making it difficult to operate a sustainable mining operation.

Recently the market recovered from The Great Migration after the Hash Rate marked an all-time high. It has since been rising consistently which acts as a good sign for the network and security, but a bad sign for competing miners as their rewards would reduce.

This is also backed by the fact that just this week, the difficulty of mining Bitcoin broke its previous record and marked a new all-time high.

The difficulty of mining is adjusted ever so frequently in accordance with the hash rate to maintain the 10-min interval cycle of block validation. The difficulty goes down when the hash rate goes down and it goes up when the latter rises as well.

Is It Worth It Though?

Considering the amount of capital that is required to be invested, low rewards would not seem that lucrative. Presently mining rewards are fixed at 6.25 BTC until the next halving and the falling prices only keep on reducing their value. 

Bitcoin’s value has plunged by over 47% in the last month and a half and if it keeps falling further there might come a time when people would want to invest their efforts and money elsewhere.