Solo BTC Miner Beats the Odds, Wins $263K With a Small Rig
A Bitcoin
The miner was using the solo.ckpool mining pool, which allows individuals to try their luck at solving blocks without the backing of a major operation.
Con Kolivas, the pool’s developer, wrote in a March 10 post on X, revealing that the miner was running a 480 GH/s Bitaxe machine. In contrast, major mining companies operate rigs that exceed 230,000 GH/s.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is a Crypto Bull Run? (Animated Explainer + Prediction)
The block, numbered 887212, was confirmed on March 10 at 7:22 PM UTC. The miner earned a total of 3.15 BTC, which included the standard 3.125 BTC block reward plus 0.025 BTC in transaction fees, according to mempool.space.
Given the machine’s low power, the probability of mining a block independently is less than one in a million per day. Kolivas estimated that, on average, a rig of this size would take around 3,500 years to solve a single block.
For context, a slightly stronger 1,200 GH/s Bitaxe Gamma 601, which is about three times faster, costs around $158, based on data from ASIC Miner Value. However, even with this upgrade, profitability remains low.
The machine is projected to generate just $20 annually, with electricity costs eating up around $18, leaving a net gain of less than $3 per year. The chance of it successfully mining a block on any given day is even slimmer—around one in 4.6 million.
On February 10, another solo Bitcoin miner secured a reward of 3.125 BTC, worth over $300,000. How? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
Source link
