Solo Bitcoin miner mined Bitcoin block 887,212 on a pocket-sized Bitaxe and earned $263,000.
A solo Bitcoin miner using a relatively cheap, pocket-sized crypto mining rig has solved one of the blockchain’s blocks and earned the full $263,000 reward.
The miner became the 297th solo miner to mine a Bitcoin block from the solo.ckpool Bitcoin
mining pool, its developer, Con Kolivas, said in a March 10 X post.
He added the miner used a 480-gigahash per second (GH/s) Bitaxe machine. For comparison, many big crypto-mining companies usmachineries exceeding 230,000 GH/s.
“A miner of this size has only less than a 1 in a million chance of finding a block per day, or it would take 3,500 years on average,” Kolivas said.
The miner earned 3.15 BTC for solving block 887,212 at 7:22 pm UTC on March 10. Mempool.space data reveals the prize comprises 3.125 Bitcoin mining reward and 0.025 Bitcoin from transaction fees.
Bitcoin miner marketplace ASIC Miner Value offers a 1,200 gigahash Bitaxe Gamma 601 machine for $158, approximately three times the single miner’s capabilities.
ASIC Miner Value forecasts that the Bitaxe Gamma 601 will produce $20 a year while consuming $18 in energy, netting under $3.
Bitaxe Gamma 601 is smartphone-sized. From ASIC Miner Value
It also indicates that the Bitaxe Gamma 601 has a 1 in 4.6 million chance of mining a single block daily or 1 in 12,700 each year.
Related: Solo miner wins $300K Bitcoin block reward
Solo and small-rig Bitcoin miners seldom solve blocks.
Large pools like Foundry USA mine most Bitcoin, using hashrate from public miners like Cipher Mining, Bitfarms, and Hut 8.
MARA Holdings, the biggest public Bitcoin mining company by market value and hashrate, employs MARA Pool.
One of Bitaxe miners’ architects, “Skot,” told Cointelegraph in September 2023 that some of these micro miners are being made open-source to counter the “secrecy and exclusivity” of the Bitcoin mining business.
Skot said most Bitcoin miners, including Bitmai,n, are closed-sourced, which goes against Bitcoin’s spirit.
“These open-source projects make this often opaque area more transparent and accessible to the public.”
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