thecoinrepublic.com
A solo Bitcoin Miner won the race of adding a block on the Bitcoin blockchain with an average hashing power of just 10 TH/s(terahashes per second).
As per reports, this miner won the race to add block 772,793 on the Bitcoin blockchain with a much smaller hashrate than other miners and institutional miners.
Bitcoin’s total hashrate at the time the block was added was over 269 exahash per second, meaning the hashrate of Solo miner 10 TH/s was just 0.000000037% of total blockchain computational power.
Congratulations to miner 1CEmkQkgiCMx6DHSDkHi53mL8oEthCZSw with only 10TH who solved a solo block at https://t.co/UWgBvLkDqc ! https://t.co/0O7A7KR4eu
— Dr. Con Kolivas (@ckpooldev) January 20, 2023
Dr.Con Kolivas, a software engineer, congratulated the Solo miner via his Twitter post “A miner of this size should only find a block solo about once every 500 years at the current bitcoin difficulty, making this a once-in-a-lifetime lucky event for them.”
A miner of this size should only find a block solo about once every 500 years at the current bitcoin difficulty, making this a once-in-a-lifetime lucky event for them.
— Dr. Con Kolivas (@ckpooldev) January 20, 2023
The Solo miner received 98% of the total 6.35939231 BTC allotted for the block reward and fees. And the remaining 2% was sent to Solo CK Pool, an online mining service that facilitates individual mining.
Proof-of-Work is the consensus mechanism on which Bitcoin is being generated.
According to the Bitcoin whitepaper: “The proof-of-work involves scanning for a value that when hashed, such as with SHA-256, the hash begins with a number of zero bits. The average work required is exponential in the number of zero bits required and can be verified by executing a single hash.”
Bitcoin mining operations require tremendous computational power to solve complicated math problems and verify blockchain transactions.
Recently in an interview, Chief Executive Officer of Hut8 Jaime Leverton explained how Bitcoin mining can stabilize grids, create jobs and generate tax revenues at the World Economic Forum in Davos, Switzerland. Hut8 is one of the largest crypto miner firms.
Leverton said 2022 was “the perfect storm” for Bitcoin miners. She further discussed the 2022 bear market, Web3 diversification, and Bitcoin’s growing positive impact on the environment and broader economy.
Bitcoin Mining and its profitability have raised hundreds of questions because it is harmful to the environment.