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In a rare event, a fortunate solo miner hits the jackpot on Thursday after single-handedly processing a block on the Bitcoin network.
Bitcoin mining has grown intense over the years, spurred by heightened competitiveness and the underlying asset’s ever-increasing price. These factors have facilitated the creation of sophisticated equipment, which has discouraged small-scale, solo mining.
Meanwhile, once in a while, solo miners get lucky to win a block reward. Such an event occurred today, with the fortunate miner receiving $326,301 for successfully processing a block in the Bitcoin network.
Solo Miner Gets Lucky
Data from Mempool shows that stand-alone miner FutureBit Apollo processed a block in the Bitcoin network at block height 881423 on January 30 at 01:01 (UTC). The block processed 1,514 transactions and rewarded the miner with 3.15 BTC ($326,301).
Meanwhile, data shows that such events are rare. In fact, FutureBit Apollo has only processed two blocks on the Bitcoin network.
The solo miner’s first breakthrough came three months ago. For perspective, at block height 867760 on October 28, the miner received 3.16 BTC for processing a block of over 4,834 transactions on the Bitcoin network.
Nevertheless, another solo miner, “Only CK,” was the last to win a block reward. The unknown Bitcoin miner received 3.19 BTC ($311,432) at block height 875750 on December 21 for its solitary effort.
More Effort for Fewer Bitcoins
Over the years, Bitcoin mining has become increasingly taskingwith mining difficulty reaching new all-time highs. Nonetheless, miners have remained committed to their goals, devising new ways to stay competitive and productive. Mining firms like Mara have dominated the scene.
Before special heavy-duty, electricity-consuming miners emerged, anybody could mine Bitcoin. Pioneers hardwired the Bitcoin network from inception to reward miners who generously contributed to the ecosystem while reducing the amount every four years.
Miners started off with 50 BTC for every block processed on the network. However, each halving event has slashed that number in two until its current 3.125 BTC reward.
Despite the halving, Bitcoin’s price has kept compensating for the reduction. For context, Bitcoin surged over 120% in 2024, with the bullish momentum spilling into this year. This spurred further upsides to an unprecedented price high of $109,312 earlier in the month.
At the time of writing, Bitcoin trades at $104,192 with a market cap of $2 trillion.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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