Solo Bitcoin Miner Gets Lucky, Bags $347,000 In Rare BTC Block Win ⋆ ZyCrypto

Bitcoin

Solo Bitcoin Miner Gets Lucky, Bags $347,000 In Rare BTC Block Win ⋆ ZyCrypto

A lucky individual Bitcoin miner beat monumental odds to successfully solve a block worth over $347,000 on the worlds most competitive crypto network.

On Thursday, the miner processed block 920,440 through the Public Pool Bitcoin mining pool, earning a total reward of 3.141 BTC. At today‘s Bitcoin price of $110,459 per coin, that’s a more than $347,455 payday. The solo miners reward included the standard base reward of 3.125 BTC plus an additional 0.016 BTC in transaction fees, according to the Bitcoin explorer Mempool.

“No middlemen. No third parties. Just pure self-sovereignty in action,” Bitcoin node infrastructure company Umbrel noted in a post on X.

Why Independent Miners Try Their Luck

Bitcoin blocks are produced approximately every 10 minutes and are normally mined by mining pools, which combine computing power to increase their chances of winning the block reward.

Small-scale Bitcoin miners generally join mining pools to secure steady, proportional rewards, as solo mining has an extremely low chance of finding a block. Nonetheless, some try solo pools for a shot at pocketing the full block reward, avoiding fees and hoping for a massive, lottery-esque win despite the odds being heavily stacked against them.

Mining has become extremely difficult, as Bitcoins hash rate has steadily increased since its launch. That dynamic has made solo wins increasingly newsworthy as large-scale operators with exahashes of capacity dominate block production across the United States, Kazakhstan, and China.

Notably, its not the first time a solo player has taken home the entirety of the block rewards. For instance, such a miner hit the jackpot last month when they solved block 913,632, earning an entire 3.13 BTC reward worth approximately $347,872. Another anonymous individual miner beat the odds in August to bag a $371,000 reward.