{"id":124881,"date":"2025-03-12T04:15:55","date_gmt":"2025-03-12T04:15:55","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=124881"},"modified":"2025-03-12T04:15:55","modified_gmt":"2025-03-12T04:15:55","slug":"lone-bitcoin-miner-wins-block-using-tiny-cheap-rig-1-in-a-million-chance","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=124881","title":{"rendered":"Lone Bitcoin miner wins block using tiny, cheap rig \u2014 \u20181 in a million chance\u2019"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsA solo Bitcoin miner using a relatively cheap, pocket-sized crypto mining rig has solved one of the blockchain\u2019s blocks and earned the full $263,000 reward.<br \/>\nThe miner became the 297th solo miner to mine a Bitcoin block from the solo.ckpool Bitcoin (BTC) mining pool, its developer, Con Kolivas, said in a March 10 X post.<br \/>\nHe added the miner used a 480-gigahash per second (GH\/s) Bitaxe machine. For comparison, many big crypto-mining companies use machines that can operate at over 230,000 GH\/s.<br \/>\n\u201cA miner of this size has only less than a 1 in a million chance of finding a block per day, or put alternatively, would take 3,500 years to find a block on average,\u201d Kolivas added.<br \/>\nThe miner snared a total of 3.15 BTC for solving block 887,212, which was timestamped on March 10 at 7:22 pm UTC. That bounty includes the current 3.125 Bitcoin mining reward and another 0.025 Bitcoin from transaction fees, mempool.space data shows.<br \/>\nSource: Con KolivasA 1,200 gigahash Bitaxe Gamma 601 machine, which is nearly three times more powerful than the one used by the solo miner, is priced at around $158, according to Bitcoin miner marketplace ASIC Miner Value.<br \/>\nASIC Miner Value estimates that the Bitaxe Gamma 601 will make just over $20 a year while using around $18 worth of electricity, coming out to a yearly net profit of under $3.<br \/>\nThe Bitaxe Gamma 601 is roughly the size of a smartphone. Source: ASIC Miner ValueIt also states the odds of the Bitaxe Gamma 601 mining a solo block on any given day is one in 4.6 million, or one in 12,700 over a year.<br \/>\nRelated: Solo miner snags Bitcoin block reward worth $300K<br \/>\nSolo Bitcoin miners rarely solve blocks, let alone those with tiny mining rigs.<br \/>\nMost Bitcoin is mined from the larger pools such as Foundry USA \u2014 which obtains a large share of its hashrate from public Bitcoin miners like Cipher Mining, Bitfarms and Hut 8.<br \/>\nThe largest public Bitcoin mining firm by market cap and hashrate, MARA Holdings, uses its own Bitcoin mining pool, MARA Pool.<br \/>\nWhile pocket-sized Bitcoin miners are hardly profitable, some of these micro miners are being built in an open-source manner to fight the \u201csecrecy and exclusivity\u201d of the Bitcoin mining industry, one of the builders of Bitaxe miners, \u201cSkot,\u201d told Cointelegraph in a September 2023 interview.<br \/>\nMost Bitcoin miners, such as those made by Bitmai,n are closed-sourced, which runs contrary to Bitcoin\u2019s ethos, Skot said.<br \/>\n\u201cThe advent of these open-source projects serves to shed light on this often opaque area, making it more transparent and accessible to the public.\u201d<br \/>\nMagazine: Train AI agents to make better predictions\u2026 for token rewards<a href=\"https:\/\/cointelegraph.com\/news\/solo-bitcoin-miner-wins-block-using-tiny-cheap-bitcoin-miner?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsA solo Bitcoin miner using a relatively cheap, pocket-sized crypto mining rig has solved one of the blockchain\u2019s blocks and earned the full $263,000 reward. The miner became&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124881"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=124881"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124881\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=124881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=124881"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=124881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}