As a seasoned analyst with extensive experience in Bitcoin mining and blockchain technology, I find this recent event truly remarkable. The successful solo mining of a Bitcoin block by a relatively small device, like the Bitaxe, is an exceptional occurrence that highlights the inherent unpredictability of the Bitcoin network.
On July 24, a Bitcoin mining machine capable of processing just 500 gigahashes per second (Gh/s) successfully mined a new block and received a reward of approximately $206,000 in Bitcoin.
Among all the events that could occur, this particular one is notable because it has a very low probability of happening – roughly 1 in 1.1 billion – and it does so about once every ten minutes.
$206,000 Block Reward
D-Central Technologies has developed a compact gadget referred to as “Bitaxe.” Its dimensions are similar to that of a human hand, as illustrated in the “How Much?” YouTube video.
Altair Technology, a Bitcoin mining device vendor, confirmed the achievement via a post on the Reddit platform.
Kudos to the solitary Bitcoin miner, believed to have successfully mined the initial block utilizing a Bitaxe setup on @ckpooldev, boasting approximately 500 Gh/s hashrate.
Props to @skot9000, @Public_Pool_BTC & @osmu_global on the project!
You can buy these proven winners here
#WeMineBitcoin
— Altair Technology® (@altair_tech) July 24, 2024
On the 24th of July, at 11:43 am UTC, a new Bitcoin block with the number 853742 was successfully mined. This event brought a fortune of approximately $206,000 to the fortunate miner, considering the current BTC market price. According to Solo CKPool’s blockchain data, a grand total of 2,652.36 BTC, equivalent to $176,896,079, was transferred within this particular block. The average transaction value amounted to 0.6093 BTC or approximately $40,636.53.
Solo CKPool, the node infrastructure service to which the Bitaxe was connected, earned a total reward of 3.13 BTC worth $208,751, including an additional 0.0675 BTC worth $4,501.83 paid as transaction fees from 4,353 transactions included in the block.
Solo CKPool, according to its website, offers a service enabling miners to mine Bitcoin independently without the need to mine straight to a Bitcoin core node. However, it’s essential to note that Solo CKPool is not a typical mining pool, as suggested by its name.
1 in 1.1 Billion Odds
In simpler terms, the collective computing power of the Bitcoin network, as reported by CoinWarz, amounts to an impressive 551.30 exahashes per second. This is equivalent to an astonishing 551,303,337,631,415,300,000 hashes per second.
The figure represents an astonishing capacity around 1.1 billion times greater than that of the Bitaxe device. Consequently, the probability of this device mining a block approximately every ten minutes amounts to a slim chance of just 1 in 1.1 billion.
Bitcoin mining is known for its high energy consumption, meaning miners bear substantial electricity expenses irrespective of whether they successfully extract a block. Consequently, engaging in Bitcoin mining alone is akin to playing a high-risk lottery game. Nevertheless, for the lucky miner who has managed to succeed, their investment has undoubtedly been rewarded handsomely.
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2024-07-25 16:08