It’s an inspiring time for solo Bitcoin miners out there, as yet another BTC miner from the Solo CK mining pool received a block reward of 6.25 BTC (more than $220,000 based on current rates) after solely mining a new block.
Solo mining is exactly what it sounds like: it’s when a miner tries to validate BTC blocks without the help of a team of miners on a mining pool. The chances of validating a block as a solo miner are slim, especially since they typically don’t have significant hashing capabilities.
To increase their chances and lessen the high costs of solo mining, miners typically gather in pools to generate more hash power, which ultimately increases their chances of successfully validating a block. When that happens, the group shares the spoils they earn from the event.
Congratulations to another miner with approximately 86TH solving a solo block on https://t.co/UWgBvLkDqc ! There are a lot more miners now on the solo pool and if enough people are mining solo, someone will eventually be the lucky one as here. https://t.co/Hqte2achR4 pic.twitter.com/0ZT635LicD
— Dr. Con Kolivas (@ckpooldev) January 24, 2022
CKPool admin Con Kolivas revealed in a recent tweet that the solo miner in question had a hash power of about 86 terahashes per second. Hash power dictates a computer’s computational speed, determining how fast or slow it can do the cryptographic functions required to mine Bitcoin and validate a block.
Based on Kolivas’ tweet, the hash power of the solo miner was less than that of a single S9 mining machine. In other words, they only had a minimum amount of computational power, making this event an incredible one.
This is even more astounding because this isn’t the first solo miner to validate a block in recent times. Two weeks ago, another solo miner from the same mining pool successfully solved a valid block.