Solo Miners Extract Over 329 Bitcoin Blocks in 11 Years

Since 2014, solo miners of the first cryptocurrency have extracted at least 329 blocks, according to calculations by Protos based on CK Pool data.

CHART: When solo miners found a Bitcoin block

Operating as lone wolves and paying for 100% of their own equipment and electricity, solo bitcoin miners sometimes strike it lucky.

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— Protos (@Protos) September 2, 2024

The structure is not a pool in the strict sense but provides services to individual cryptocurrency miners. These miners connect their hash rate to the network through it and receive 98% of the block reward (minus CK Pool’s fee) if successful.

The actual figures for solo mining are likely somewhat higher, as such network participants are not required to use the platform’s service, noted the publication.

Meanwhile, the chances of solving Bitcoin’s cryptographic puzzle for solo miners are practically 0%.

“However, nearly zero is not zero,” journalists stated.

As of March 2023, solo miners were extracting an average of one block every 10 months. Traditional pools generated 43,200 basic network elements over the same period.

Hass McCook from the Bitcoin Mining Council described the odds for solo miners as even lower — one in 1.4 million.

Yet these estimates do not account for the 11 blocks mined by solo miners in the past six months, emphasized Protos.

At the time of writing, the latest success was achieved on August 29 by a CKPool user with a hash rate of 38 PH/s. According to pool administrator Con Kolivas, the computational power of the equipment allows for mining one block in this manner every four months.

According to his calculations, CKPool solo miners have collectively added 291 blocks to the network.

On July 24, a pool user with a hash rate of 3 TH/s achieved this. His total reward amounted to $211,972.

In April, CKPool participants managed this twice: the first at the beginning of the month earned approximately $422,750, while the second, due to the halving event, received only around $218,544.

On August 28, following another recalculation, Bitcoin’s mining difficulty increased by 2.99%.