Crypto

‘Insane Luck at Work’ as Second Solo Bitcoin Miner Wins the Block Race in a Week

Source: AdobeStock / Nadya So

 

Another solo Bitcoin (BTC) miner with a hashrate capacity of 116 terahashes per second (TH/s) has won a block race on the Bitcoin network, securing the block reward of BTC 6.25 plus a fee reward of BTC 0.018 — cumulatively worth over USD 274,041 at current rates. 

Given that the total bitcoin hash rate is currently at over 176 exahashes per second (EH/s), the lucky winner’s hashrate is less than 0.000072% of that tally. In other words, it defied the odds of 1 in 1,400,000 to win the block race.

As reported, earlier this week a solo miner with only 126 TH/s added a new valid block to the Bitcoin network.

Both of these miners are part of a solo mining pool dubbed Solo CK, which has nearly doubled its share of the hashrate since earlier this week.

By Wednesday, the mining pool ranked 15th on the list of bitcoin mining pools accounting for 0.23% share of the network. However, as of now, it ranks 13th on the list and constitutes 0.45% of the Bitcoin hashrate, according to BTC.com.

In fact, the lucky miner is also part of the new miners joining the pool.

“I have since confirmed that this is indeed a new miner, that joined less than 2 days ago presumably in response to the other lucky block solver, so they’ve been astronomically lucky in solving a block solo in that time,” tweeted Solo CK administrator, Con Kolivas.

Though some were worried about a potential exploit being at work here, Kolivas assured them that there was no exploit, just “the stochastic nature of block solving and extremely lucky solves are expected randomly every so often.”

At 10:08 UTC, BTC is trading at USD 44,040. It appreciated 2.6% in a day and 0.8% in a week.

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Learn more: 
– Solo Bitcoin Miner With Only 126TH Secures USD 266,870 in Block Reward
Mine Bitcoin and Ethereum Using Norton 360 Antivirus or Your Tesla

– 20% of Bitcoin Hashrate Is ‘Still in Mainland China,’ Report Claims
– Kazakhstan Teaches Bitcoin Miners a Lesson as Chaos Affects BTC Hashrate

– Bitcoin & Crypto Mining in 2022: New Locations, Technologies, and Bigger Players
– Bitcoin Mining Hash Rate to Double in 2022, Compute North CEO Predicts

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