Bitcoin News Today: "1 in 180M: Solo Bitcoin Miner's $265K Win Sparks Decentralization Debate"

A solo Bitcoin miner defied astronomical odds to secure a $265,000 payout by mining block 924,569 on the Bitcoin network using a modest 6 terahash per second (TH/s) rig. The miner, operating through the CKPool platform, earned 3.146 BTC-comprising 3.125 BTC in block rewards and 0.021 BTC in transaction fees-at current prices according to the report. The probability of achieving this feat with such a small hashrate is estimated at 1 in 180 million per day, according to Con Kolivas, creator of CKPool. The miner's success marks the 308th solo block mined via CKPool since its 2014 launch and the first in nearly three months.

The mining operation relied on a setup akin to the Bitaxe Gamma, a compact, hobbyist-friendly machine priced under $100 as reported. At the time of the block's discovery, the Bitcoin network's total hashrate exceeded 855.7 exahashes per second (EH/s), meaning the miner contributed just 0.0000007% of the network's computational power. By comparison, institutional miners typically operate at scales exceeding hundreds of terahashes, leveraging massive energy and infrastructure investments to secure rewards.

The event has reignited discussions about the feasibility of solo mining in an increasingly centralized industry. While most miners join pools to aggregate hashing power, solo miners retain the full block reward if successful-minus a 2% fee for CKPool. "Another block for the plebs," tweeted a crypto enthusiast, emphasizing that such wins, though rare, are possible for individual participants. Experts, however, caution that solo mining remains akin to a "lottery," with rewards concentrated among a handful of operators.

The payout underscores Bitcoin's proof-of-work mechanics, where miners compete to solve complex mathematical puzzles to validate transactions and secure the network. The block reward of 3.125 BTC, combined with fees, represents a significant financial incentive, though transaction fees now account for less than 1% of miners' revenue amid low network congestion.

CKPool, which is not a traditional mining pool, has facilitated 13 solo block discoveries this year, averaging slightly more than one per month. The platform's latest success highlights the persistence of retail participants in an industry dominated by large-scale operations. "This is living proof that you can do it," wrote another X user, reflecting the community's enthusiasm for decentralized mining.