Skip to main content

With Just 0.0004% of Bitcoin’s Hashpower, Solo Miner’s 2 PH/S Effort Secures Block Reward

With Just 0.0004% of Bitcoin’s Hashpower, Solo Miner’s 2 PH/S Effort Secures Block Reward

On November 26, 2023, a stroke of remarkable luck befell a solo miner when they discovered block 818,588, verifying a total of 4,193 transactions. This achievement garnered the miner a total of 6.887 BTC, inclusive of the 6.25 BTC subsidy and transaction fees.

Solo Miner’s Slim Odds Pay Off: Claims Bitcoin Block Reward With Mere 2 PH/s Hashrate

Echoing a similar event from the end of October, this miner, also affiliated with Solo Ckpool, successfully mined the block. Ckpool is designed to support independent miners, allowing them to retain the entire block reward, unlike other pools where rewards are shared.

Con Kolivas, the developer overseeing Solo Ckpool, remarked that this was the 279th block successfully mined by the pool. He noted the rarity of such an event, stating, “A miner of this size would solve a block on average only once every 5 years,” underscoring the miner’s extraordinary luck in this instance.

For context, the Bitcoin network’s total hashpower stands at approximately 488 exahash per second (EH/s), or 488 quintillion hashes per second. In comparison, the solo miner’s contribution of 2 PH/s, or 2 quadrillion hashes, represents a mere 0.0004% of the network’s collective hashpower, highlighting the improbability of their success.

What do you think about the solo miner discovering a block with such a small amount of hashrate? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/K62ernd
Labels:

Comments

Post a Comment

Popular posts from this blog

Ripple Donates $300K to Support Nepal and Tibet Flood Relief

Ripple is donating $300,000 to World Central Kitchen and Mercy Corps following devastating floods in Nepal and Tibet. The funding will support emergency meals, clean-water access, and sanitation efforts in affected communities. Ripple Directs $300K to Emergency Assistance A $300,000 Ripple donation will support emergency food, water, and sanitation assistance after destructive flooding struck Nepal […] from Bitcoin News https://ift.tt/b60CqSG
Post a Comment
Read more

$13T Asset Manager Charles Schwab Adds 3 Altcoins to Its Crypto Push

There’s been a great deal of institutional interest in crypto assets over the last two years, and on Thursday, the $13 trillion asset manager Charles Schwab announced that it is expanding its digital asset listings beyond bitcoin and ethereum. According to the announcement, solana (SOL), avalanche (AVAX), and chainlink (LINK) accessibility will be added to […] from Bitcoin News https://ift.tt/b1dBkM5
Post a Comment
Read more

Glassnode and Ark Invest Introduce ‘Cointime Economics’ — A New Model to Measure Bitcoin’s Value

Researchers from Glassnode and Ark Invest have collaborated to develop a new economic model for analyzing Bitcoin’s onchain metrics called “Cointime Economics.” The framework offers an alternative way to measure the economic activity and value of bitcoin based on “coinblocks” rather than the standard accounting method of unspent transaction outputs, or UTXOs. Cointime Economics: A Unique Framework for Analyzing Bitcoin The Cointime Economics white paper explains that coinblocks are the product of the number of bitcoin, or BTC , multiplied by the number of blocks they are held without moving. For instance, ten bitcoins held for ten blocks would equal 100 coinblocks. This method aims to capture the real economic weight and importance of each bitcoin based on the time it remains dormant. The longer a bitcoin is unmoved, the higher its cointime and implied economic significance. Cointime Economics introduces metrics such as coinblocks created, destroyed, and stored to describe Bitcoi...
Post a Comment
Read more