Newblock
  • News
    • Bitcoin
    • Ethereum
    • XRP
    • Solana
    • Cardano
    • Blockchain News
    • Press Releases
    • Events
  • Analysis
    • Market Analysis
    • Price analysis
  • Ranking
No Result
View All Result
  • Login
Buy crypto
Newblock
  • News
    • Bitcoin
    • Ethereum
    • XRP
    • Solana
    • Cardano
    • Blockchain News
    • Press Releases
    • Events
  • Analysis
    • Market Analysis
    • Price analysis
  • Ranking
No Result
View All Result
Newblock

Tiny Bitcoin miner defies massive odds to solve a valid block

January 12, 2022
in Bitcoin News
410 13
0
Share on FacebookShare on Twitter

A single Bitcoin miner from the Solo CK mining pool has defied the odds after successfully adding a new block on the Bitcoin blockchain, taking home 6.25 BTC ($266,000) for their efforts.

The lucky miner, who may have been mining on just one or two machines, solved a block with their modest hashrate capacity of 126 TH/s. According to a Jan 11 tweet from Solo admin, Dr. Con Kolivas it’s equivalent to about 0.000072% of the total Bitcoin (BTC) network hashrate — which is 175,000,000 TH/s (175 EH/s).

Bitcoin mining expert and member of the Bitcoin Mining Council (BMC) Hass McCook told Cointelegraph that he has never heard of anything like it, adding that “to say this is very rare is an understatement.”

“Usually, having 0.000072% of the hashrate means that, on average, Solo CK will win 0.000072% of the blocks, or, about 1 in 1,400,000,” he explained.

“Everything in Bitcoin is probabilistic, even transaction settlement. The more confirmations you have on your tx, the less likely it will be reversed.”

Related: How to mine Bitcoin: A beginners guide to mine BTC

According to McCook, the miner could’ve been using a single machine. “The Antminer S19 is a 110TH/s machine, so Solo CK could have even been mining with just one overclocked rig! More likely it was 5 or 6 Antminer S9 units. Either way, it could very easily be a home miner,” he said.

A machine’s hashrate refers to how many hashes, or mathematical equations, it can solve per second. On average, a new BTC block is mined every ten minutes. Dr. Con Kolivas estimated the chances weren’t quite so high,  with a 1 in 10,000 chance of finding a block per day with that hasbut added the miner probably wouldn’t repeat the feat.

“For the miner involved it’s a once in a lifetime chance,” Kolivas wrote.

“It’s usually larger miners that solve blocks statistically but there is no reason even the smallest miner can’t solve one.”

He noted a small miner in his pool had solved a block about one year ago.

Source link

You might also like

G7 Countries Crypto

G7 Countries, EU Taking Measures to Prevent Crypto Use to Evade Sanctions

March 5, 2022
Coinbase CEO Russians Crypto

Coinbase CEO Says Ordinary Russians Use Crypto as a Lifeline as the Ruble Collapses

March 5, 2022

Related News

G7 Countries Crypto

G7 Countries, EU Taking Measures to Prevent Crypto Use to Evade Sanctions

by Editorial Team
March 5, 2022
1

G7 countries and the European Union are examining ways to stop the use of cryptocurrency by Russia to evade sanctions....

Coinbase CEO Russians Crypto

Coinbase CEO Says Ordinary Russians Use Crypto as a Lifeline as the Ruble Collapses

by Editorial Team
March 5, 2022
1

The CEO of the Nasdaq-listed crypto exchange Coinbase says ordinary Russians are using cryptocurrency as a lifeline now that their...

Bitcoin Mining Difficulty Drops

Bitcoin Miners Catch a Break as Mining Difficulty Drops for the First Time in 3 Months

by Editorial Team
March 5, 2022
1

Bitcoin miners got a small break on March 3, after the network’s mining difficulty shifted downward for the first time...

Arbitrum Treasure DAO hack

Attacker Hacks Arbitrum’s Treasure DAO for Over 100 NFTs by Leveraging Marketplace Exploit

by Editorial Team
March 5, 2022
1

A non-fungible token market platform built on top of Arbitrum called Treasure DAO was hacked on March 3 at 7:33...

Next Post
Striking a Work-Life Balance with Parents at Ripple

Striking a Work-Life Balance with Parents at Ripple

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Get daily news updates to your inbox!

Popular

  • crypto price analysis

    BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

    21678 shares
    Share 8671 Tweet 5420
  • Google Launches Blockchain Division

    5331 shares
    Share 2131 Tweet 1332
  • Microsoft Reveals Activision Purchase for $68.7 Billion as an Approach to the Metaverse

    972 shares
    Share 389 Tweet 243
  • GAIMIN Brings Blockchain and NFTs to Minecraft – Press release Bitcoin News

    957 shares
    Share 383 Tweet 239
  • Coinbase exec says major Ethereum scaling improvements coming soon

    923 shares
    Share 369 Tweet 231

Recommended

belarus crypto

Belarus to Remain Crypto-Friendly as Ally Russia Mulls Blanket Ban

January 26, 2022
bitcoin price analysis

Bitcoin price dips below $38K as crypto sentiment nears ‘extreme fear’

February 20, 2022
Newblock

Newblock is a blockchain news service that covers bitcoin and altcoin news, technical analysis & forecasts for bitcoin price and other altcoins.
© 2022 Newblock

Navigate Site

  • Blockchain news
  • Crypto Analysis
  • Ranking
  • Media Partnerships
  • Privacy Center
  • Contact Us
  • Donate

Follow Us

No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • XRP
    • Cardano
    • Solana
    • Blockchain News
    • Press Releases
    • Events
  • Analysis
    • Market Analysis
    • Price analysis
  • Ranking
  • Buy Crypto
  • Privacy Center
  • Contact Us
  • Donate

Newblock is a blockchain news service that covers bitcoin and altcoin news, technical analysis & forecasts for bitcoin price and other altcoins.
© 2022 Newblock

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.