Bitcoin mining is a costly, energy-intensive, and time-consuming enterprise that normally necessitates persistent efforts in order to reap rewards.
Mining is usually done in a pool, with several miners working together to solve the block and claim the rewards. This occurrence, on the other hand, stood out for its rarity.
The One-Man Miner
According to Dr. Con Kolivas, the administrator of the CKPool, the miner achieved this feat by solo mining a block with just 86 Terra Hashes of power. The reason why mining activities are carried out in a pool is to reduce overhead expenses and ensure consistent revenues.
Although this incident was unusual, it might become more often in the future if more powerful machines, like as Bitmain‘s new miner with over 198 THs of power, are produced. Kolivas echoed this idea, saying,
“There are a lot more miners now on the solo pool and if enough people are mining solo, someone will eventually be the lucky one as here.”
Mining Bitcoin Isn’t Getting Any Easier
While the incident did occur, it was mainly by chance because operating a viable mining business is becoming increasingly difficult due to increased competition from other miners.
After the Hash Rate reached an all-time high, the market just rebounded from The Great Migration. It has been steadily growing since then, which is excellent for the network and security but terrible for competing miners because their payouts will be reduced.
This is further supported by the fact that the difficulty of mining Bitcoin recently smashed its previous record and set a new all-time high this week.
To maintain the 10-min interval cycle of block validation, the difficulty of mining is altered on a regular basis in line with the hash rate. The difficulty decreases as the hash rate decreases, and it increases as the latter increases.
Is it worthwhile?
Low rewards do not appear to be very advantageous when compared to the quantity of funds necessary to invest. Mining incentives are now locked at 6.25 BTC until the next halving, and dropping prices continue to erode their worth.
Bitcoin’s value has dropped by almost 47% in the previous month and a half, and if it continues to decrease, individuals may decide to put their money and effort elsewhere.
