Solo Bitcoin Miner Earns $199,098 After Successfully Mining Block

Credit : bitcoinmagazine.com

A solo Bitcoin miner has made headlines by efficiently mining block quantity 858,978 on the Bitcoin blockchain, incomes a reward of three,275 BTC, valued at $199,098 on the time. The block, which was mined earlier in the present day, contained 2,391 transactions, in line with blockchain facts.

JUST IN: A solo miner simply mined a block price 3,275 #Bitcoin price $199,098.

LEGEND 🤯 pic.twitter.com/rqscP29dud

— Bitcoin Journal (@BitcoinMagazine) August 29, 2024

Bitcoin mining is the method of placing new bitcoins into circulation. Sometimes, it entails utilizing highly effective computer systems to resolve complicated mathematical issues, verifying these transactions and including them to the blockchain. In return, miners are rewarded with newly minted bitcoins, often called the block grant, together with transaction charges paid by customers.

The miner’s efficiency is critical contemplating the more and more aggressive panorama of Bitcoin mining, the place massive mining swimming pools are likely to dominate. Solo miners face the problem of competing with massive, resource-rich mining swimming pools; Nevertheless, whereas that is uncommon, the rewards could be vital, as evidenced by the successes of this and lots of earlier solo miners.

“Congratulations to miner 36AisvWi1UiwLTeTZxLzindAkorqeUc3tT for fixing the 291st solo block on solo.ckpool.org!” said Solo CK administrator, Dr. Con Kolivas. “This hefty miner with 38PH would clear up a block on common as soon as each ~4 months.”

This solo miner’s feat can be a reminder of Bitcoin’s decentralized nature, the place anybody with the fitting assets can contribute to and profit from the community.