A solo-mode miner was able to mine a block of Bitcoin and earn $170,000

May 23 witnessed an impressive feat in the world of Bitcoin mining as a single miner, armed with a processing power of 750 TH/s, successfully mined block number 790,958. This remarkable achievement was confirmed by Kon Kolivas, the administrator of Skrool pool.

The miner's discovery was rewarded with 6.25 BTC, which equates to approximately $170,000 based on the current exchange rate of $27,300. It is worth noting that on that particular day, the total hashing speed in the Bitcoin network reached a staggering 367.07 EH/s, with 1 EH/s equivalent to 1 million TH/s. In the face of such monumental competition, the fortunate miner, armed with a comparatively modest processing power of 750 TH/s, had a mere one-in-489-thousand chance of successfully finding a block.

The lucky miner was a member of the Skrool pool, an enclave for solo-mining enthusiasts. While they will have to pay a 2% commission amounting to 0.125 BTC (approximately $3.4k) for mining the block, they also receive transaction fees. In this particular block, the transaction fee amounted to 0.249 BTC, equivalent to $6.7 thousand.

Considering the current difficulty level associated with mining and the miner's computing power, an average miner with similar capabilities can expect to mine a block once every nine years. However, it is worth noting that the mining difficulty for the leading cryptocurrency has been consistently increasing. Since the beginning of the year, it has risen by 40%, and on May 18, it reached a new all-time high.

Experts in the field have observed that in January 2022, another fortunate individual with a computing power of 126 TH/s managed to mine a Bitcoin block and received a reward of 6.25 BTC. At that time, the value of the reward was approximately $270,000, with the exchange rate at $42,800. The odds of achieving such a feat were an astonishing one in 1.36 million.