A solo miner at NiceHash mined Bitcoin block #928,351 with less than $100 in rental hashpower. The miner earned a reward of 3.152 BTC, which is equivalent to approximately $271,000.
Mempool statistics on Thursday confirmed that the block has a near-perfect health score of 99.96% and total transaction fees of 0.027 BTC (approximately $2,363). According to on-chain data, the median block cost was approximately 2 sat/vB, with fees ranging from 1 to 313 sat/vB.
Solo Bitcoin miner beats odds and wins block
Menpool data revealed We can see that there were 2,806 transactions (-16.56%) in the actual Bitcoin block. The total fee for the block was 0.027 BTC (-6.18%). According to on-chain data, the block weight was 3.5 MWU (-12.37%).
This block has version 0x20400000, bit 0x1701e63a, nonce 0xcc01ab16, and network difficulty with Merkle root 45c4235f79f7c8642b4eca86ce7e7c28452374b4fc8f1b64b907e4912c3b626 It was mined in 148,195,306,640,204.7.
On December 12th, another solo Bitcoin miner using the alias 1Ng9~VoQz was successful. mined Legitimate block #927,474. The miner claimed a 3.13 BTC block reward worth approximately $288,383.50. The Bitcoin block had 1,117 transactions (-62.99%), block weight was 1.45 MWU (-63.65%), and total fees were 0.008 BTC (-8.83%).
Against mathematical odds, Bitcoin miners utilized a hash rate (computing power) of 270 TH/s. This is approximately 0.00002% of the total processing power of the Bitcoin network. According to current Bitcoin mining data, in a setup of this size, the probability of solving a block on any given day is 1 in 30,000.
Ckpooldev, developer of CKPool software, miner used to mine blocks; commented This incident likely represents the 310th instance in which a single miner has earned a block reward under these specific tracking conditions.
Similar to previous miners that mined single blocks, 1Ng9~VoQz did not distribute mining rewards to other participants as in a traditional mining pool model. Instead, the miner immediately earned the full amount (minus the 2% charge to CKPool).
In November, a platform user computed block #924,569 using hardware with a hash rate of just 6 TH/s. CKPool administrator Con Kolivas called the miner “incredibly lucky.” The probability of a block with this amount of processing power being created each day is 1 in 1.2 million.
Another solo Bitcoin miner mined block #920,440 using a public pool platform in October. The miner received a reward of 3.141 BTC.
Bitcoin mining profitability declines despite rising hashrate
Bitcoin (BTC) mining profitability declined for the fourth consecutive month in November, according to a study published by JPMorgan (JPM). Analysts Reginald Smith and Charles Pearce noted that daily block reward gross margins also fell 26% from the previous month.
According to Glassnode, the global Bitcoin hash rate (30-day moving average) is approximately 1.1 ZH/s. The current trend shows an increase towards the mid-October record value of 1.15 ZH/s.
The global Bitcoin hashrate is nearing record levels set in mid-October. Source: Glassnode
On November 21, the hash price reached its lowest point of the year at around $34 per PH/s per day, which coincided with Bitcoin’s fall to $83,000. Even after the price of digital gold exceeded $90,000, the mining profitability indicator was limited to $40 per PH/s daily.
MARA CEO Fred Thiel said in November that miners were facing difficult times due to increased competition and declining profitability in the mining industry.
The combined market capitalization of the 14 US-led miners tracked by JPM fell 16% from the previous month to $59 billion.
JPM revealed that Cypher Mining (CIFR) rose 9%, outperforming the group thanks to its recent acquisition of Fluidstack. Additionally, the JPM report notes that Bitdeer (BTDR)’s performance has declined by 40%.