A remarkable development occurred on the Bitcoin network. A solo miner, who rented hash power for only $75, defied all odds and earned a block reward, generating over 3.1 $BTC in revenue. This achievement translates to approximately $200,000 in earnings.
The miner rented a minimum of 1 Petahash/s (PH/s) of power through the hash power marketplace offered by Braiins.
Given the current Bitcoin network hash rate, the probability of finding a block with a capacity of 1 PH/s is estimated to be approximately one in 1.1 million blocks. This represents an extremely low probability, equivalent to approximately 21 years of mining. Experts liken this situation to “playing the lottery.”
Under normal circumstances, the vast majority of Bitcoin blocks are found by large mining pools with immense computing power. These pools utilize vast amounts of computing capacity to solve the cryptographic transactions that ensure Bitcoin’s distributed ledger structure and network security. Therefore, it is quite rare for solo miners to earn block rewards.
Nevertheless, similar “lottery” wins have occurred recently. In January, two different solo miners earned over 3.1 $BTC in rewards, generating approximately $300,000 in revenue at the time. In December, another miner managed to earn over $282,000, depending on the Bitcoin price.
These achievements are even more remarkable given the network’s ever-increasing total computing power. According to the data, the Bitcoin network’s average daily hash rate is above 1.1 Zettahash/s. In the same period last year, this figure was approximately 730 Exahash/s; indicating a nearly 61% increase in network capacity in a year.
*This is not investment advice.