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Tiny Bitcoin miner defies massive odds to solve a valid block

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A single Bitcoin miner from the Solo CK mining pool has bucked the odds by successfully adding a new block to the Bitcoin blockchain, earning 6.25 BTC ($266,000).

Additionally, with their small hashrate capacity of 126 TH/s, the lucky miner, who may have been mining on only one or two machines, solved a block. It’s similar to around 0.000072% of the whole Bitcoin (BTC) network hashrate, which is 175,000,000 TH/s (175 EH/s), according to a tweet from Solo admin Dr. Con Kolivas on January 11.

Likewise, Hass McCook, a bitcoin mining expert and member of the Bitcoin Mining Council (BMC), said he’d never heard of anything like it and that “to say this is exceedingly rare is an understatement”.

“Having 0.000072% hashrate implies Solo CK will win 0.000072% of the blocks on average. Or around 1 in 1,400,000,” he explained.

“Everything in Bitcoin, including transaction settlement, is probabilistic. The greater the number of confirmations on your text, the less likely it would be reversed.”

“It may be a home miner”

In fact, the miner may have only used one machine, according to McCook. “With a throughput of 110 TH/s on the Antminer S19, Solo CK could have mined with just one overclocked rig!” It’s likely that 5 or 6 Antminer S9 machines were engaged. “In either case, it may be a home miner,” he speculated.

The hashrate of a machine refers to the number of hashes (or mathematical problems) it can answer per second. A new block of BTC is mined every ten minutes. Dr. Con Kolivas estimated that the miner’s chances of finding a block every day with that hash were fewer than one in 10,000. Although he cautioned that the feat was unlikely to be repeated.

“This is a once-in-a-lifetime opportunity for the miner engaged,” Kolivas said.

“Statistically, larger miners are more likely to solve blocks. But there’s no reason why even the tiniest miner shouldn’t be able to.”

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