The Solo Miners mined the Bitcoin block on Sunday and collected 3.137 BTC payouts, worth around $371,000 at the time.
Minors were run through Solo CK Pool, a service for solo miners. They mined blocks 910,440 and collected standard 3.125 BTC and approximately 0.012 BTC with transaction fees. The block included 4,913 transactions, with a total of $1,455.
With Bitcoin hashrate dominated by large industrial-scale mining operations, there is a small chance that a solo miner will hit the block. However, with efficient hardware, even small players can rarely claim the same block reward.
This year, several solo miners with small setups have claimed their own block rewards. One mined the block in February, and the other netted $350,000 on July 4th. On July 27, another solo minor won a block on his own, earning a reward of $373,000.
Solo Bitcoin mining is still mainly “lottery”.
Samuel Li, Chief Technology Officer of Mining Equipment Company Asickey, previously told Cointelegraph that Solo Bitcoin Miner is winning because of “strong and efficient hardware” rather than luck.
Li said modern mining is built to supply serious hashrates without the power draw of traditional miners. However, this does not mean that the odds of a solo minor winning have changed.
“Solomining is still mostly a lottery unless you control dozens of pH/s. This is realistically a minimal amount because you have successful measurable statistical shots within a reasonable time frame,” Li told Cointelegraph.
Li said that a hash power peta hash (pH/s) is one in 650,000 chances of solving a block every 10 minutes to one miner.
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Increased network difficulty narrows down professional mining companies
Even established Bitcoin mining companies are feeling the network difficulty and hash rate increase along with the decline in block subsidies from half of Bitcoin.
At the time of writing, the Bitcoin network was 129 trillion in difficulty, close to the highest ever high, according to the encrypted data. Data also showed that network difficulty only increased upward over time.
Large mining companies diversified into artificial intelligence and high performance computing (HPC) to compensate for the competition and shortages in the mining business.
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