Bitcoin mining is the backbone of the world’s largest cryptocurrency, where miners compete to add new blocks to the blockchain network. Miners use their computational power to solve complex mathematical equations and create a valid block hash. In return, they receive a block reward of new bitcoins and transaction fees.
The Challenge of Solo Mining
Solo mining, where miners work independently to mine a block, has become increasingly challenging due to the rising network hash rate and the increasing power of mining machines. Mining solo can take several months, and it’s rare for a miner to solve a block on their own.
Despite the difficulties, a solo miner recently accomplished an incredible feat by earning a block reward in just two days. It is believed that the miner may have rented hashing power to increase their chances of quickly producing a valid hash.
The Benefits of Solo CK Pool Mining
The miner used the Solo CK Pool mining service, which allows solo miners to form a mining pool with just one mining rig. This enables solo miners to pool their hashing power and increase their chances of earning block rewards.
The Solo CK mining pool has a history of producing solo-mined Bitcoin blocks, with two such blocks produced in January 2022, occurring just two weeks apart.
Solo Mining vs. Mining Pools
Despite the difficulty of solo mining, some miners prefer to work independently and keep all the rewards for themselves. Solo mining allows miners to have complete control over their mining operations.
However, as mining solo becomes more difficult, more miners are likely to join mining pools to increase their chances of earning block rewards. But, there will always be solo miners who are up for the challenge of mining Bitcoin on their own.
The recent success of a solo miner earning a rare block reward worth over $150,000 demonstrates that solo mining is still a viable option for some miners. While it may be challenging, the rewards can be significant. With the option of mining pools like Solo CK Pool, solo miners can pool their hashing power and increase their chances of earning block rewards.