Miguel Lopez Recent data indicates that an individual miner successfully secured block 814,308 using a relatively modest 11 petahash per second (PH/s) of computational power. This accomplishment was made possible via Solo Ckpool, a specialized platform designed to assist solo miners with limited hashrate capabilities or outdated hardware.
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Solo Miner Discovers Additional Block in 2023, Exposing the Variable Nature of Bitcoin Mining
The sphere of independent miners—those who operate without the backing of large mining pools—has seen several instances of successful block discovery this year. On October 28, 2023, Con Kolivas, the developer responsible for Solo Ckpool, announced that an individual miner had located block 814,308 using 11 PH/s of hashpower.
Contrary to large Bitcoin mining pools that distribute block rewards among participants, platforms like Ckpool are designed to enable individual miners to operate autonomously. Although Ckpool itself commands 3.1 exahash per second (EH/s) in hashpower, the dynamics change dramatically when an independent miner successfully mines a block.
Upon achieving this, the miner in question receives 99% of the block reward, leaving the remaining participants empty-handed. This comes after a similar event 72 days prior, on August 18, 2023, when Kolivas disclosed that block 803,821 had been mined by an individual miner possessing only 1 PH/s of computational power.
Kolivas has pointed out that a miner with 1 PH/s would typically have a success rate of once every seven years, based on current network difficulty levels. Remarkably, another miner experienced even greater fortune in June, discovering block 793,607 with a mere 17 terahash per second (TH/s) of computational power. Kolivas speculated at that time that the miner was probably utilizing an outdated Bitmain S9 device.
Notably, it’s not only miners with low hashrates who are achieving success. Solo miners with significantly greater computational power have also managed to discover blocks without the aid of large pools. In March 2023, an individual miner wielding 1 EH/s located block 782,845 and soon after found block 782,867. Specialized techniques are making these uncommon instances increasingly infrequent.
The attraction of independent mining pools lies in the autonomy they offer to participants. The landscape of Bitcoin mining is more stochastic and uncertain than widely assumed, as the discovery of a block is not strictly a function of a miner’s computational strength. It often resembles a game of chance, analogous to a person winning a lottery with a single ticket, as opposed to another who buys multiple tickets in an attempt to enhance his probability of winning.
What are your perspectives on the phenomenon of independent miners successfully discovering blocks amidst the prevalence of large mining pools? Please share your observations and viewpoints on this subject in the comments section below.
Frequently Asked Questions (FAQs) about Solo Bitcoin Mining
What is the main focus of the article?
The article primarily focuses on the rise of individual or “solo” miners in successfully discovering Bitcoin blocks. It details how these miners operate without the support of large mining pools and still manage to secure block rewards.
Who is Con Kolivas and what role does he play in the article?
Con Kolivas is a developer who manages Solo Ckpool, a platform designed to assist solo miners with limited computational power. He is cited as the source of information on the discovery of specific blocks by individual miners.
What is Solo Ckpool and how does it differ from large mining pools?
Solo Ckpool is a specialized mining platform intended to help individual miners operate autonomously. Unlike large mining pools that distribute block rewards among multiple participants, Solo Ckpool enables a successful miner to claim 99% of the block reward, leaving others empty-handed.
What was notable about the block discovered on October 28, 2023?
The block discovered on this date, block 814,308, was notable because it was secured by an individual miner using only 11 petahash per second (PH/s) of computational power. This is considered relatively low in comparison to the hashpower typically needed to discover a block.
How does the article discuss the unpredictability of Bitcoin mining?
The article argues that Bitcoin mining is more random and unpredictable than commonly assumed. It mentions that the success of discovering a block does not strictly correlate with the amount of computational power a miner possesses. In some cases, miners with significantly lower computational power have been successful, making the process akin to a game of chance.
Are solo miners with higher computational power also experiencing success?
Yes, the article notes that individual miners with significantly greater computational power have also been successful in locating blocks without the support of large pools. In March 2023, a miner with 1 exahash per second (EH/s) was cited as finding two different blocks.
What are the implications for small or solo miners?
The article suggests that despite the dominance of large mining pools, there are still opportunities for individual miners to succeed, particularly when using platforms designed to assist them. It portrays Bitcoin mining as an endeavor where both skill and luck can influence outcomes, thereby making it feasible for solo miners to secure block rewards.
More about Solo Bitcoin Mining
- Solo Mining in Bitcoin: An Overview
- Understanding Bitcoin Mining Pools
- Con Kolivas and Solo Ckpool: A Profile
- The Evolution of Bitcoin’s Network Hashrate
- Stochastic Models in Bitcoin Mining
- Understanding Block Rewards in Bitcoin
- Computational Power in Cryptocurrency Mining
- The Role of Mining Pools in Cryptocurrency
- Block Discovery Rates and Network Difficulty
- The Pros and Cons of Solo vs Pool Mining
5 comments
While it’s cool and all, let’s not forget the odds are still stacked against solo miners. This is more of a lottery than anything else.
this is a game changer guys. Seriously makes me wanna try out Solo Ckpool. Who knows, might strike gold too lol.
This story is a refreshing change from the usual ‘big mining pool gets bigger’ news. Really shows the unpredictable nature of the crypto market.
Wow, can’t believe a solo miner pulled this off! Shows you don’t need to be a giant pool to make waves in the bitcoin world.
If you ask me, this is proof that decentralization is still alive and well in Bitcoin. Keep on mining, little guys!