Remarkable developments have occurred in the Bitcoin network. A solo miner who rented hashing power for just $75 defied all odds and earned a block reward, producing over 3.1 $BTC In terms of profits. This result equates to approximately $200,000 in revenue.
Miners rented at least 1 petahash per second (PH/s) of power through the hash power marketplace provided by Brainins.
Considering the current hash rate of the Bitcoin network, we estimate that the probability of finding a block with a capacity of 1 PH/s is approximately 1 in 1.1 million blocks. This is a very low probability and corresponds to approximately 21 years of mining. Experts liken this situation to “playing the lottery.”
Under normal circumstances, the majority of Bitcoin blocks are discovered by large mining pools with vast computational power. These pools utilize vast computing power to resolve cryptographic transactions that ensure Bitcoin’s distributed ledger structure and network security. Therefore, it is very rare for solo miners to earn block rewards.
Nevertheless, similar “lottery” wins have occurred recently. In January, two different solo minors earned more than 3.1. $BTC As compensation, it generated approximately $300,000 in revenue at the time. In December, another miner managed to earn more than $282,000, depending on the Bitcoin price.
These achievements are even more remarkable given that the total computing power of networks continues to increase. Data shows that the average daily hash rate of the Bitcoin network is over 1.1 Zettahash/s. In the same period last year, this figure was approximately 730 Exahash/s. This represents a nearly 61% increase in network capacity in one year.
*This is not investment advice.
