Mining cryptocurrencies is not an easy task at all due to the increasing difficulty of the network and the investments required. You must compete to be the first among millions of teams of different hash powers to get a valid Bitcoin block.
This fact led to the emergence of mining pools, which consist of pooling the hash power of miners. In such a way, the greater the computing capacity, the greater the chances of finding a block. The miners grouped in a pool go as one in the network.
Pools with a larger number of participants are more likely to mine blocks (approximately every 10 minutes a block of transactions is processed). However, the reward of the mined blocks is distributed among all the miners that make up the pool according to the hash provided.
Consequently, to obtain good income, the greater the investment that must be made.
The task of getting a Bitcoin block without pooling
As it is worth noting, the task of obtaining a Bitcoin block is not at all easy or cheap. However, there is the alternative of solo mining, which allows a single miner to get a block that he should not share with anyone else.
But if it’s hard to get a block in a pool, soloing is a task that goes against all mathematical odds. Despite this, there are a few exceptions to the rule and some lucky ones have managed the feat.
The most recent case occurred recently by a miner connected to CK Pool Only, it is an exclusive platform for solo mining. This person would have been a conventional miner and owned machines that worked with a computing power of 270 TH/s. But then he decided to rent hash power from a mining company and put it in the aforementioned solo pool to try his luck. And he got it!
According to posted on social media With Kolivas, pool administrator, the person reached his goal and became part of a very select club. Only 270 blocks have been mined alone in the history of the Bitcoin Blockchain, which to date has processed close to 800K blocks.
What is needed to mine solo?
Solo mining requires a lot of patience and some hashing power. But what is most required is luck. The lone miner in this story himself, known as Pineconeeee, acknowledged that getting the 6.25 BTC plus fees was a rare stroke of luck.
Pineconeeee accumulates about 6,700 TH/s (6.7 Petahashes), which is a beastly number from any point of view. To get an idea, under the current conditions of the network, that is, difficulty and the price of Bitcoin, that power generates about $15,000 per month. That translates to roughly $500 a day, according to CoinWarz. With that power, solo mining would require about 10 months or so to reach a block of Bitcoin.
But this miner caught up with him in a very short time. Last year, another miner also achieved the feat with only 270 TH/s. In any case, Pineconeee now received 6.25 BTC in his wallet for mining that block and 0.632 for network transaction commissions. Together, the figure amounts to a US dollar equivalent of $170,000 at today’s (March 14) price.
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