Lone Bitcoin miner wins block using tiny, cheap rig — ‘1 in a million chance’

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A solo Bitcoin ( $75,585.00 ) miner using a relatively cheap, pocket-sized crypto mining rig has solved one of the blockchain’s blocks and earned the full $263,000 reward.

The miner became the 297th solo miner to mine a Bitcoin ( $75,585.00 ) block from the solo.ckpool Bitcoin ( $75,585.00 ) (BTC) mining pool, its developer, Con Kolivas, said in a March 10 X post.

He added the miner used a 480-gigahash per second (GH/s) Bitaxe machine. For comparison, many big crypto-mining companies use machines that can operate at over 230,000 GH/s.

“A miner of this size has only less than a 1 in a million chance of finding a block per day, or put alternatively, would take 3,500 years to find a block on average,” Kolivas added.

The miner snared a total of 3.15 BTC for solving block 887,212, which was timestamped on March 10 at 7:22 pm UTC. That bounty includes the current 3.125 Bitcoin ( $75,585.00 ) mining reward and another 0.025 Bitcoin ( $75,585.00 ) from transaction fees, mempool.space data shows.

A 1,200 gigahash Bitaxe Gamma 601 machine, which is nearly three times more powerful than the one used by the solo miner, is priced at around $158, according to Bitcoin ( $75,585.00 ) miner marketplace ASIC Miner Value.

ASIC Miner Value estimates that the Bitaxe Gamma 601 will make just over $20 a year while using around $18 worth of electricity, coming out to a yearly net profit of under $3.

*The Bitaxe Gamma 601 is roughly the size of a smartphone. Source:* *ASIC Miner Value*

It also states the odds of the Bitaxe Gamma 601 mining a solo block on any given day is one in 4.6 million, or one in 12,700 over a year.

Solo Bitcoin ( $75,585.00 ) miners rarely solve blocks, let alone those with tiny mining rigs.

Most Bitcoin ( $75,585.00 ) is mined from the larger pools such as Foundry USA — which obtains a large share of its hashrate from public Bitcoin ( $75,585.00 ) miners like Cipher Mining, Bitfarms and Hut 8.

The largest public Bitcoin ( $75,585.00 ) mining firm by market cap and hashrate, MARA Holdings, uses its own Bitcoin ( $75,585.00 ) mining pool, MARA Pool.

While pocket-sized Bitcoin ( $75,585.00 ) miners are hardly profitable, some of these micro miners are being built in an open-source manner to fight the “secrecy and exclusivity” of the Bitcoin ( $75,585.00 ) mining industry, one of the builders of Bitaxe miners, “Skot,” told Cointelegraph in a September 2023 interview.

Most Bitcoin ( $75,585.00 ) miners, such as those made by Bitmai,n are closed-sourced, which runs contrary to Bitcoin ( $75,585.00 ) ’s ethos, Skot said.