On July 4, a solo miner mined block #903,883 on the network of the first cryptocurrency. His reward amounted to 3.173 BTC ($348,948).
The participant used the CKpool platform. He mined coins using equipment with a hashrate of 2.3 PH/s.
CKPool administrator Con Kolivas congratulated the miner and explained that the chance of such an event is approximately 1 in 2800 per day.
On average, a miner with that level of power can expect to mine a block once every eight years.
Decline Among the Giants
The solo miner’s success came amid a decline in production among major publicly traded companies. Riot Platforms, Cipher Mining, and MARA Holdings all reported a drop in output for June. The main reason was a strategic reduction of operations in Texas due to high electricity prices during the summer months.
Riot Platforms mined 450 BTC, which is 12% less than the previous month. MARA Holdings reported a 25% decline, mining 211 BTC. The company also cited weather conditions and temporary use of older equipment.
Cipher Mining reported mining 160 BTC, explaining it as part of a “proactive strategy to avoid” peak electricity rates.
However, CleanSpark went against the trend. It increased its Bitcoin production by 6.7% to 445 BTC and also achieved its hashrate goal of 20 EH/s.
As a reminder, on March 10, a solo miner mined block #887,212 and earned around $250,000 using a $299 device.
On June 5, another solo miner received $330,386 for confirming a Bitcoin block.
