A solo Bitcoin miner has captured attention by successfully mining block number 858,978 on the Bitcoin blockchain, securing a reward of 3.275 BTC, which was valued at $199,098 at the time. The block was mined earlier today and included 2,391 transactions, according to blockchain data.
JUST IN: A solo miner has just mined a block worth 3.275 #Bitcoin valued at $199,098.
LEGEND 
pic.twitter.com/rqscP29dud
— Bitcoin Magazine (@BitcoinMagazine) August 29, 2024
Bitcoin mining is the means by which new bitcoins are put into circulation. This process typically requires powerful computers to solve advanced mathematical problems, which validate and integrate transactions into the blockchain. In return, miners receive newly minted bitcoins, known as the block subsidy, along with transaction fees from users.
The miner’s success is particularly noteworthy given the increasingly competitive nature of Bitcoin mining, where large mining pools tend to dominate the field. Solo miners contend with the challenge of competing against these well-resourced mining pools; however, despite the infrequency of such events, the rewards can be significant, as evidenced by this instance and others in the past.
“Congratulations to miner 36AisvWi1UiwLTeTZxLzindAkorqeUc3tT for successfully solving the 291st solo block on solo.ckpool.org!” stated Solo CK administrator, Dr. Con Kolivas. “This powerful miner with 38PH would typically solve a block around once every ~4 months.”
The achievement of this solo miner also emphasizes the decentralized nature of Bitcoin, illustrating that anyone with the appropriate resources can participate in and gain from the network.
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