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‘Insane Luck at Work’ as Second Solo Bitcoin Miner Wins the Block Race in a Week

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Mining

Last updated: October 23, 2023 09:19 EDT

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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Last updated:

October 23, 2023 09:19 EDT

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Another solo Bitcoin (BTC) miner with a hashrate capacity of 116 terahashes per second (TH/s) has won a block race on the Bitcoin network, securing the block reward of BTC 6.25 plus a fee reward of BTC 0.018 — cumulatively worth over USD 274,041 at current rates.

Given that the total bitcoin hash rate is currently at over 176 exahashes per second (EH/s), the lucky winner’s hashrate is less than 0.000072% of that tally. In other words, it defied the odds of 1 in 1,400,000 to win the block race.

Congratulations to yet another small miner solving a block solo with only 116TH on https://t.co/UWgBvLkDqc ! They haven't even been mining a week with this hashrate! https://t.co/VSyyDUFQY9
— Dr -ck (@ckpooldev) January 13, 2022

As reported, earlier this week a solo miner with only 126 TH/s added a new valid block to the Bitcoin network.

Both of these miners are part of a solo mining pool dubbed Solo CK, which has nearly doubled its share of the hashrate since earlier this week.

By Wednesday, the mining pool ranked 15th on the list of bitcoin mining pools accounting for 0.23% share of the network. However, as of now, it ranks 13th on the list and constitutes 0.45% of the Bitcoin hashrate, according to BTC.com.

In fact, the lucky miner is also part of the new miners joining the pool.

“I have since confirmed that this is indeed a new miner, that joined less than 2 days ago presumably in response to the other lucky block solver, so they’ve been astronomically lucky in solving a block solo in that time,” tweeted Solo CK administrator, Con Kolivas.

Though some were worried about a potential exploit being at work here, Kolivas assured them that there was no exploit, just “the stochastic nature of block solving and extremely lucky solves are expected randomly every so often.”