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A solo miner beats out the mining pools and earns $244,000

A solo miner beats out the mining pools and earns $244,000

A solo cryptocurrency miner outpaced the big players and mined a block on the bitcoin network, earning a reward of 6.25 BTC.

As reported by the pool's administrator on Twitter, a solo miner with a processing power of 60 TH/s successfully mined a 733 739 block on 27 April and received a reward of 6.25 BTC (about $244k at the current exchange rate). According to the pool administrator, a miner had to work for at least one month to get a chance to find a block. On average, a single miner has a 1 in 20,000 chance of finding a block, given the current complexity of the bitcoin network.

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What is mining

In simple terms, mining means providing the power of one's computer equipment to form a chain of blocks in a particular blockchain, writing transactions in that blockchain. In return for participating in this process, the miner, namely, the owner of the equipment, gets remuneration in coins of the blockchain with which the miner works. In other words, serving the Bitcoin network, the remuneration will come in BTC, for example, and the Ethereum network, the remuneration comes in ETH. In fact, this is the way of cryptocurrency mining or, in other words, its digital issuing. The more powerful equipment is involved in this process, the greater will be the remuneration, and therefore the number of coins received on its owner's wallet. 

Mining can involve various equipment of different capacities such as multicore processors (CPUs), discrete graphics cards (GPUs), and specially designed equipment for mining, called ASIC. There are many types of mining, but today, not all of them are as effective as 4-5 years ago due to the ever-increasing complexity.

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