Mining bitcoin without any help from a larger pool has become an increasingly unlikely feat over the past decade.
News
Another Bitcoin (BTC) miner from Solo CK mining pool self-mined a new block on the Bitcoin blockchain which resulted in a block reward of 6.25 BTC (over $220,000 at current prices) . The events took place on Monday at a block height of 720,175.
Solo mining involves attempting to confirm blocks by a single miner, without the effort of collaborating with other miners on a mining pool and running a full blockchain node. Without significant hash power, one block confirmation rates tend to be extremely unlikely.
To increase these odds and avoid the costs associated with mining alone, miners often gather in pools to combine their hashing power, increasing their chances of validating a block and ultimately sharing the battle. profits if they succeed.
Follow for a recent tweet from CKPool administrator Con Kolivas, this solo miner has a hash power of around 86 terahashes per second. Hash power determines the computational speed at which a computer can perform the cryptographic functions necessary to mine cryptocurrencies and validate a block for proof-of-work blockchains like Bitcoin.
Congratulations to another miner with around 86TH solving a single block on https://t.co/UWgBvLkDqc! There are a lot of miners joining the solo pool right now and if there are enough solo miners there will eventually be someone who is possibly the lucky one here. https://t.co/Hqte2achR4 pic.twitter.com/0ZT635LicD
– Dr. Con Kolivas (@ckpooldev) January 24, 2022
The miner in question has less hash power than an S9 miner by a relatively small amount of computing power, making this very unlikely.
Even more remarkable is that just two weeks ago, another solo miner from the Solo CK mining pool completed a similar task successfully solving a valid block. Bitcoin board member Hass McCook told Cointelegraph at the time: “To say this is rare is an understatement.
Despite its name, CKPool is not a regular mining pool, it is a service that allows for solo mining without having to deal with the costs and hassles of running a full Bitcoin node.