Individual Bitcoin Miners Defy Odds, Claiming Block Rewards Amidst Historic Hash Rate
Despite facing historically high network difficulty, individual Bitcoin miners are successfully securing complete block rewards, challenging conventional probabilities. As of this writing, the Bitcoin network’s hash rate stands around 902 exahashes per second (EH/s), just shy of its all-time peak, according to Blockchain.com, indicating increased competition and a lower likelihood of individual success.
Recent weeks have seen a surprising trend of solo miners overcoming these odds. Last week, one miner secured block 907,283 through the CK pool, earning the full 3,125 BTC reward – valued at over $372,000 at the time – plus an additional $3,436 in transaction fees. This victory wasn’t an isolated incident, with similar successes reported in early July, June, March, and February.
“We are seeing individual miners win blocks not luckily, but because they are using powerful and efficient hardware,” explained a technology director at Asickey, a mining hardware manufacturer. He added that modern mining rigs are designed to deliver a “considerable hash rate” while significantly reducing energy consumption compared to older models.
The Rise of Efficient Mining Hardware
Efficiency is paramount for individual miners, according to the Asickey representative. “Take our Keyminer A1: it consumes only 650 watts but delivers 1,100 TH/S in Bitcoin, with monthly profits of around $1,200. For those who diversify into Altcoins, it can generate up to $3,800 per month mining Dash.”
The Keyminer A1 is part of Asickey’s hardware line, launched last November, which also includes the Keyminer X and Keyminer Pro. The Keyminer X offers 2,300 terahashes per second (TH/S) with 1,300 watts, while the Pro model boasts up to 5,800 TH/S with 2,800 watts. The company currently estimates monthly yields of up to $6,300 for the PRO model under prevailing market conditions.
Despite these advancements in Application-Specific Integrated Circuit (ASIC) efficiency, the fundamental probabilities haven’t shifted dramatically, the Asickey representative cautioned. “Individual mining remains mostly a lottery, unless you have dozens of pH/s, which is, realistically, the minimum indispensable to have a measurable statistical probability of success in a reasonable period.” He clarified that a miner with a petahash (PH/S) of hash power has approximately a 1 in 650,000 chance of solving a block every 10 minutes. (A petahash is equivalent to 1,000 terahashes).
Beyond Profit: Ideals and Decentralization
While financial incentives are a primary driver, a “modest resurgence” of interest in individual mining is also fueled by ideological motivations. “Some miners choose it not for a predictable income, but for the possibility of a great reward – 6.25 BTC plus commissions – which can be transformative if you win,” the representative stated.
These miners value the decentralization of the network and the independence from centralized mining pools. Currently, Foundry USA dominates Bitcoin mining, controlling 29.3% of the total hash rate, followed by Antpool (16.2%), ViaBTC (12.0%), and F2pool (11.6%), according to data from Hashrate Index.
The concentration of hash power raises concerns about potential 51% attacks, where a single pool (or a coalition) could theoretically double-spend coins. While such an attack is costly and complex, it could undermine confidence in the network.
“Ultimately, more individual miners, especially those who operate with clean energy and efficient hardware, could represent a healthier and decentralized Bitcoin network, which is aligned with the original vision of participation without permission,” the Asickey representative concluded.
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