Bitcoin miner beats 1 in 1.3 million chances of mining a BTC block

A solo bitcoin miner (BTC) with just 126 terahashes per second (TH / s) of computing power has become the unlikely winner of a block race on the Bitcoin network.

By successfully mining block 718124, the lucky miner got the block reward of 6.25 BTC, which is roughly $ 260,000 at the current price of bitcoin.

With just 126 TH / s of computing power, the lucky miner controlled only 0.000073% of bitcoin’s total hash rate, or over 170 exahashs per second (EH / s). 1 EH / s is equal to 1 million TH / s. As such, the miner had a 1 in 1.36 million chance of successfully finding a block.

All major bitcoin mining pools offer hash potential in the EH / s range, with AntPool and Poolin controlling 26.30 EH / s and 22.19 EH / s at the time of writing. Although it is not known how long the mining node has been on the network, if it were plugged in today, it would have taken over 9500 days for a miner with only 126 TH in hash power to gain. statistically run the blocks based on the current hash rate and difficulty.

Luck or proof of work

Describing the feat, Wolfie Zhao of The Block Research tweeted:

“Funny. Earning full bitcoin block rewards with just 0.000073% of the current total hash rate. Either extraordinary luck, or persistent proof of work, or both.

The lucky miner in question is part of a solo mining pool operated by ckpool, which means that 2% (0.125 BTC or $ 5,200) will go to the coffers of the platform. The miner will also earn the transaction fee reward for the block which is around 0.1 BTC, according to data from BTC.com.

The solo mining pool allows operations to use their own mining equipment to mine new blocks. But it provides them with a service that offers functions like running the Bitcoin blockchain on their behalf. Therefore, it rewards those who mine all of their rewards – minus fees – rather than sharing all rewards proportionally among those who use the pool.

The last time a ckpool miner won the block race was on December 2, 2021, at a block height of 712,217. According to data from BTC.com, ckpool ranks 15th on the list hash rate based bitcoin mining pools with a total computing power of 410.96 petahash per second (PH / s)

For the miner involved, it is a once in a lifetime chance. The last time a miner of this size solved a block on my pool was only a year ago. Usually the biggest miners solve blocks statistically, but there’s no reason even the smallest miner can’t solve one, ”tweeted Dr Con Kolivas, a ckpool administrator.

As major bitcoin miners continue to increase their hash potential, events on Tuesday show that it is still statistically possible for even smaller entities to win the mining race for a block of transactions on the network.

© 2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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