That’s pretty much what happened to one lucky solo miner who recently mined a block of Bitcoin worth over $222,000.
Here’s what went down and why this is such a big deal with this Bitcoin block.
What Is Bitcoin Mining?
Bitcoin mining is kind of like solving a very tricky puzzle on a computer. People, called miners, use powerful computers to solve these puzzles. When they crack one, they get rewarded with Bitcoin.
Most miners team up in “mining pools” to have a better shot at winning. But sometimes, a solo miner goes it alone, hoping to solve the puzzle themselves.
JUST IN: A solo miner just mined a block worth 3.329 #Bitcoin worth $222,455.
LEGEND 🤯 pic.twitter.com/GSjn8hL6es
— Bitcoin Magazine (@BitcoinMagazine) October 24, 2024
This solo miner decided to try mining on their own instead of joining a pool. And they struck it big! They successfully mined a block of Bitcoin, earning a reward of 3.329 Bitcoin.
Why Is This So Rare How Does Bitcoin Mining Work?
Mining alone is tough as nails. Think of it like a lottery—many people try, but only a few win, especially with Bitcoin. Big mining pools usually solve blocks faster because they have tons of computer power working together. For one person to solve a block on their own is like finding a needle in a haystack. It doesn’t happen often, which is why everyone’s talking about this win.
One block, one miner, 3.329 Bitcoin.
Someone solo mined block 867,118 and earned 3.329 Bitcoin according to @blockchain ; as of today, it’s $222,000
Currently, top 10 Bitcoin pools account for more than 96% of the network hashrate. pic.twitter.com/OoJd8AybdO
— Hiveon (@hiveonofficial) October 24, 2024
When miners solve a block, they’re adding a new “page” to Bitcoin’s record book , called the blockchain. The more blocks added, the more secure Bitcoin’s network becomes. Miners keep the network running and secure, and they’re rewarded with Bitcoin for their hard work. The cool part? No one knows who this solo miner is, but their win shows just how surprising Bitcoin mining can be.
Disclaimer
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