Tiny Bitcoin miner defies massive odds to solve a valid block

Solo CK’s Bitcoin mining pool managed to find a single Bitcoin miner who succeeded in adding a block to the Bitcoin blockchain. They took home 6.25 BTC ($266,000) as a reward for their efforts.

Lucky miner, possibly mining only one or two machines at a time, was able to solve a block using their modest hashrate of 126 TH/s. Solo admin tweeted it Jan 11, and Dr. Con Kolivas said that it was equivalent to approximately 0.000072% Bitcoin (BTC). This is 175,000,000 THB/s (175 EH/s).

Cointelegraph was told by Hass McCook, a Bitcoin mining expert and member the Bitcoin Mining Council (BMC), that he had never seen anything similar. He also said that it is “very rare to find this type of thing.”

Solo CK usually has 0.000072% hashrate, which means that he will win 0.000072% (or, approximately 1 in 1,400,000) of the blocks. He explained.

Everything in Bitcoin is probabilistic. Even transaction settlement. You can reduce the likelihood of it being reversed by having more confirmations on your tx.

Related: How to Mine Bitcoin: A Beginners Guide to Mining BTC

McCook says that the miner could have been mining with just one machine. Solo CK could have been mining with only one machine using the Antminer S19, which is a 110TH/s machine. It is more likely that it was five or six Antminer S9 units. It could be either a home miner or a contractor,” he stated.

The machine’s hashrate is the number of mathematical equations or hashes it can solve per second. A new block of Bitcoin is mined on average every ten minutes. Dr. Con Kolivas said that the odds of finding a block with that has per day were 1 in 10,000. However, he added that the miner wouldn’t be able to repeat the feat.

Kolivas wrote that “for the miner involved, it’s an once in a life chance.”

“It is statistically more experienced miners who solve blocks, but that doesn’t mean that even the smallest miner shouldn’t be able to solve them.”

He noticed that a small miner in his pool had solved an earlier block around one year ago.