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Bitcoin: Independent Crypto Miner Hits the Jackpot!

Tue 31 Oct 2023 ▪ 3 min of reading ▪ by Luc Jose A.
Mining

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.

Independent crypto miners on a roll

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.

A modest miner successfully mines a Bitcoin block using Solo Ckpool

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.

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Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.