The Solo Minor is defiant with the odds and successfully claims the full Bitcoin block reward despite the network’s hashrates near the highest ever high.
At the time of writing, according to BlockChain.com, the hashrate of Bitcoin (BTC) networks hovering around 902 exhahash (EH/S) per second, below the all-time high peak, according to BlockChain.com. This diagram shows growing competition and increasing difficulty, suggesting that a single miner faces steep odds to win the block.
However, last week, the solo miners ignored these odds and secured blocks 907,283 via the solo corner pool, earning a 3.125 BTC reward, which was over $372,000 at the time. Minor also added $3,436 in trading fees.
The victory was not an isolated event. At the beginning of July, another miner with just 2.3 Petahash claimed a full block reward, but similar victories were recorded in June, March and February.
Asickey’s Chief Technology Officer Samuel Li told Cointelegraph. He added that modern miners are built to provide “serious hashrates” without the massive power draw of traditional setups.
Bitcoin network hashrate. Source: BlockChain.com
Related: Solo Bitcoin Miner wins a block reward of $373,000
Focus efficiency
For solo miners, efficiency is everything, Lee said. “Take Keyminar A1 – you’ll only take 650 watts, but you’ll supply 1,100 th/s in Bitcoin, and your monthly profit is around $1,200. For those who diversify into altcoin, you can earn up to $3,800 per month,” he said.
The KeyMiner A1 is part of Asickey’s hardware line introduced last November, and also includes the KeyMiner X and KeyMiner Pro.
According to the company, Keyminar X delivers 2,300 terra hash (TH/s) per second at 1,300 watts, while the PRO model offers up to 5,800 Th/s at 2,800 watts. Under current market conditions, the company estimates monthly returns for PROs at up to $6,300.
However, despite improved application-specific integrated circuit (ASIC) efficiency, “the basic odds (of a solo miner victory) have not changed much,” Li said.
“Solomining is still mostly a lottery unless you control dozens of pH/s. This is realistically a minimalist because you have a statistical shot that can measure success within a reasonable time frame,” he added.
Li explained at today’s Bitcoin Network Hash Rate that the hash power Petahash (pH/s) is about one in 650,000 people who can unlock a block every 10 minutes. One PETA hash (PH/S) corresponds to 1,000 tera hash (TH/S).
Related: Tether is planning an open source Bitcoin mining OS. CEO tells third-party vendors “no need”
Why do miners go solo?
Lee confirmed that there is a “slack revival” that interests solo mining, but for a variety of reasons. “Some miners have chosen it for their potential for a big reward, 6.25 BTC plus fee, rather than for predictable income.
Financial incentives play a key role, but in part, driven by ideological motivations, they emphasize the ability of network decentralisation and to operate independently of centralized mining pools.
According to data from the Hashrate Index, US-based Mining Pool Foundry USA continues to dominate Bitcoin mining, which commands 29.3% of the total hashrate. Antpool continues at 16.2%, while VIABTC and F2Pool hold 12.0% and 11.6% respectively.
If a single pool (or several pools acting together) controls more than 50% of the hashrate, it can theoretically launch a 51% attack. This will double the coin. Although rare and costly, events like this will undermine trust in your network.
“In the end, more solo miners, especially those that operate with clean energy and efficient hardware, can represent healthier, decentralized Bitcoin networks. This coincides with the original vision of unauthorized participation.”
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