- A solo Bitcoin miner rented $75 of mining power from Braiins and earned a $200,000 block reward.
- The odds of such an event are estimated at once every 1.1 million blocks, or roughly 21 years.
- Experts liken solo Bitcoin mining to “playing the lottery”, with several jackpot wins occurring recently.
- The Bitcoin network’s hash rate is above 1.1 Zettahash per day, significantly higher than a year ago.
- Bitfarms is exiting mining, while Riot Platforms faces investor pressure to pivot to AI.
A solo Bitcoin miner secured a jackpot worth over $200,000 early Tuesday after renting just $75 of mining power from Braiins’ marketplace. The miner found solo block 938092, earning more than 3.1 BTC in a feat that defied immense odds.
Based on network conditions, a solo miner with that power would be expected to succeed only once every 1.1 million blocks. Consequently, such a win is a statistical anomaly akin to winning a lottery.
Braiins confirmed the win, noting the miner rented 1 Petahash of power. Meanwhile, the network’s total computational power has surged to over 1.1 Zettahash per day, as data shows.
This event follows other recent solo mining victories, including two in January that netted around $300,000. However, such wins remain rare against the backdrop of massive industrial mining pools.
Consequently, the North American share of Bitcoin mining is declining. This is partly because some miners are shifting resources toward the booming demand for Artificial Intelligence compute.
For example, publicly traded Bitfarms is completely winding down their mining operations. Meanwhile, investors are urging Riot Platforms to capitalize on opportunities in AI.
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