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The solo miner earned a total reward of 3,329 BTC.
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CK alone currently contributes 0.0021% of the total hash power of BTC miners.
Today, October 24, 2024, a solo miner belonging to the specialized Bitcoin (BTC) Mining pool Solo CK, obtained a total reward of 3,329 BTC, equivalent to more than $222,000.
The miner managed to successfully process block 867118, according to data from the mempool. This feat, with a very low probability of occurrence, provided him with the fixed fee reward for subsidy (3,125 BTC after the halving April 2024). That plus the commissions that users paid for the transactions included in that block (0.204 BTC or $13,657).
A solo miner from the Solo CK pool earned a total reward of $222,000. Fountain: mempool.
Additionally, the software engineer behind the Solo CK pool, Con Kolivas, detailed in a publication in pool comprised a hash rate of 150 PH/s (pehashes per second).
Although it is not possible to know how much of that processing power was contributed by the user who managed to mine the block, an equation can come close to measuring how difficult this feat was.
According to mempoolthe hashrate of Bitcoin is 728 EH/s (exahashes per second). Therefore, the percentage of hash power contributed by the mining pool with its 150 PH/s could be calculated.
This account would result in that, of the total hashrate that miners currently contribute to the Bitcoin network, only 0.0021% was awarded by Solo CK. And as if that were not enough, that number would have to be reduced even further given that it was a solo mining pool in which a single miner got a block by contributing his part to that 0.0021%.
The hash rate of a pool Bitcoin mining is the sum of the processing power of all the individual miners participating in that pool. Thus, this measurement indicates how many calculations the pool can perform per second in its attempt to find a valid hash to successfully process a block on the Bitcoin network.
For reference, Foundry and Antpool, the two largest BTC mining pools, have a hash power of 199.23 EH/s (exahashes per second) and 151.79 EH/s (exahashes per second) respectively. In percentage terms, their hashrates occupy 31% and 23.7% of the total hashrate of the Bitcoin network.
This represents a figure much higher than that of Solo CK, although at the height of block 867118, Solo CK “beat” them.
The Solo CK pool: an average of 332 billion attempts
Additionally, using the browser Clover Poolit is possible to determine that CK alone had to overcome a real difficulty of 332 T (terahashes), although the average theoretical difficulty was 95 T (terahashes). This means that he needed to do much more work than the largest miners to find that block.
Block 867118 had 3,285 transactions. Fountain: Clever Pool.
A difficulty of 332.31 T (terahashes) meant that the Solo CK pool had to average 332.31 billion attempts to find a valid hash. Among all those attempts was that of the user who actually managed to mine that block.
This real difficulty reflects an enormous challenge, as it involved many more attempts than expected on average, probably requiring more time or resources.
However, although the power of 150 PH/s is a tiny fraction compared to the global network, this case illustrates how mining allows even small contributors to succeed, albeit with greater effort due to the complexities of the network at the time. and a lot of luck.
How does this solo mining pool work?
Unlike traditional pools, where miners combine their efforts, in Solo CK miners work independentlybut using the pool infrastructure.
That is, each solo miner must contribute their own hash rate to make up a total hashrate. In this way, Solo CK reward only the miner that has been able to obtain that block, instead of distributing it according to their contribution among all users, like a traditional Cryptocurrency mining pool.
Contributing the hash rate to Solo CK is done by setting up a mining rig on the pool server, and if that user is very lucky, they will find a block. After that monumental feat, you will receive all the rewards directly in your wallet in exchange for a commission that Solo CK takes.
The question then could be, why would a user mine the Bitcoin network using a pool of this style on their own equipment, instead of using it on their own? Well, using a pool like Solo CK would offer some technical and operational advantages.
Solo mining requires a lot of luck
When using a pool like Solo CK, the miner connects to a node maintained by the pool’s infrastructure, which would ensure that blocks and transactions are always up to date and correctly propagated in the Bitcoin network.
This can be beneficial if the user does not want to take on the costs and responsibility of maintaining their own node full time, which can be complex.
Here it would be valid to mention that Solo CK has an average of one mined block per month in the last four months, according to mempool. So far in 2024, its best performance occurred in May, when it managed to process 4 blocks between the 13th and 16th. These figures reveal the luck of those individual users who managed to get the rewards through this solo mining practice through of a pool.
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