Solo Bitcoin Miner Beats the Odds, Bagging $200K Reward

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A lone-wolf Bitcoin miner hit the jackpot today by processing a block on the biggest cryptocurrency’s network.

The block contained 4,365 transactions and was processed at 12:43pm ET on Wednesday. The miner received 3.19 BTC for processing the block—today worth around $210,000.

First flagged on X (aka Twitter) on Wednesday by journalist Pete Rizzo, the miner processed block 853,742 of the Bitcoin blockchain.

HISTORY: A $200 at-home #Bitcoin miner just mined a block worth OVER $200,000

They beat once in a lifetime odds 🔥 pic.twitter.com/qE83q2d1cw

— The Bitcoin Historian (@pete_rizzo_) July 24, 2024

Bitcoin miners are needed to process blocks on the Bitcoin network. Blocks are full of transaction data and are part of the cryptocurrency’s impenetrable ledger—also known as a blockchain.

When blocks are processed, miners are rewarded with newly minted Bitcoins.

As the Bitcoin network has grown in size, it has become harder to mine the digital coins.

Miners today are typically large operations run by companies that have warehouses full of specialized computers and technicians, using a lot of electricity to do so. Individual miners often join mining pools to increase their odds—but split any reward.

Still, very rarely, a single operator can still get lucky and process a block at home with a mining machine. While the odds of a solo miner completing a block are said to be greater than 5,000-to-1, that appears to be what happened today.

Back in April, a solo miner also won big by solving a block and taking home a $218,544 reward.

Source