Monday, May 29

A miner solved a bitcoin block and won $275,000: how was the procedure?

The announcement was made by the developer Con Kolivas, who claims that the man had a probability of verifying the block of 1/10000. Bitcoin mining is done by performing complex calculations that computer graphics cards can perform. To have a better chance of finding the answers, users create farms of cards linked together, to add more terahash and choose to solve the block. For each solved block, the system rewards the wallet that made the operation with more than 6 bitcoins. From 2024, this number will be reduced to just 3.

As mentioned by Kolivas, the lonely miner had to operate for 10 thousand consecutive days (27.39 years) to have the probability of finding a block yes or yes with his small computer. In July 2021, another miner with an operation of only 100 TH / s, solved the block 689,382 of the blockchain to win a similar prize.

This mining group, created by Kolivas himself, has a different approach from the rest, and it is what makes cases like this possible: if any of the members solves the block, they keep 98% of the reward it contains. The other 2% goes to the development and maintenance of the pool.

That Solo CK approach is made particularly attractive to “miners with old or inefficient equipment who will never get any rewards” from pool mining and prefer to “leave mining as a lottery,” as they describe on their website. But this opportunity comes with the fact that “if you don’t find a block, you don’t get any rewards with solo mining.” All or nothing.

Kolivas explained in a second tweet about this feat, a particularly striking fact: the new awarded miner had not even joined Solo CK for two days. This, in the opinion of the developer, could be considered as a case inspired by the previous miner who managed to get a reward alone, just over a day ago.