A miner has earned 30 million yen with a mining device that costs just 30,000 yen, a feat that hits a rarer '1 in 1.1 billion' chance than winning the lottery
Bitcoin mining is a system in which the first miner to solve a problem receives a reward, so miners around the world are building large-scale mining farms and competing to be the first to solve the problem. Meanwhile, it has been reported that a miner has mined $206,000 worth of Bitcoin using a palm-sized mining device that sells for $179.
Bitaxe Finds Bitcoin Block: Tiny Miner Wins $206K Jackpot
Solo Miner Mines Bitcoin Block with 3 TH/s Hashrate
https://theminermag.com/news/2024-07-24/solo-bitcoin-miner-block/
Cryptominer with palm-sized $179 ASIC hits the jackpot with $206,000 in Bitcoins | Tom's Hardware
https://www.tomshardware.com/tech-industry/cryptomining/cryptominer-with-palm-sized-dollar179-asic-hits-the-jackpot-with-dollar206000-in-bitcoins
On July 25, 2024, mining device manufacturer Altair Technology posted a post on X (formerly Twitter) to congratulate the first miner to mine an entire Bitcoin block using the company's Bitaxe .
🏆Congratulations to the miner who likely mined the first solo BTC block with a Bitaxe on @ckpooldev with ~500 Gh hashrate!
— Altair Technology® ⛏️ (@altair_tech) July 24, 2024
👏Props to @skot9000 , @Public_Pool_BTC & @osmu_global on the project!
You can buy these proven winners here👇
🛒 https://t.co/fiEPh4pRA8 #WeMineBitcoin pic.twitter.com/C6D9Jj1HlR
The block in question was propagated on Solo CKPool, a platform for solo miners, i.e., it was added to the blockchain with block number ' 853742 ', and involved 4,353 transactions totaling 2,652.36 BTC (approximately 28 billion yen) in Bitcoin.
What's surprising is the reward this miner received. The total mining reward and fees was about 3.192 BTC, equivalent to $206,000 at the rate at the time. Generally, to ensure a reward, miners cooperate with other miners to form groups called mining pools and share the reward. However, this miner was successful in mining alone, so he monopolized the reward of about $200,000.
At the time of writing, the hash power of the entire Bitcoin network is about 551.3 exahashes per second, while the hash rate of the Bitaxe used for mining is only about 500 gigahashes per second, or about 1/1 billionth of that.
Bitcoin blocks are generated every 10 minutes, so a simple comparison is not possible, but when you consider that the odds of winning the Powerball, the big prize lottery in the United States, are about 1 in 300 million, you can see just how incredibly unlikely this is.
According to Solo CKPool developer 'Dr -ck,' such an event occurs on average once every 3,500 years.
Congratulations to miner with the first bitaxe block, only a tiny 3TH for finding the 290th solo block on solo ckpool! This much hashrate only would find a block once every 3500 YEARS on average, or 1 in 1.2 MILLION chance per day! https://t.co/5Wtu9jydsF pic.twitter.com/D5sSzug42P
— Dr -ck (@ckpooldev) July 24, 2024
Mining equipment manufacturer Nerdminer.store commented, 'The block mined by the tiny Bitaxe is not just a coincidence. It is a testament to the power of decentralization and the enduring spirit of Bitcoin's grassroots origins. While the odds of such an event happening again are slim, this achievement has reignited the enthusiasm for home mining and reminded us of the unpredictable and exciting nature of the Bitcoin ecosystem.'
The price of the solo miner device Bitaxe used for this mining on Amazon.co.jp was 41,221 yen including tax at the time of writing.
Amazon.co.jp: AltairTech.io Bitaxe Ultra: Computers & Peripherals
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in Software, Posted by log1l_ks