Using a relatively inexpensive and pocket-sized crypto mining rig, Solo Bitcoin Miner solved one of the blockchain blocks and earned a $263,000 reward.
Minor became the 297th solo miner to minify Bitcoin blocks from Solo.Ckpool Bitcoin (BTC) Mining Pool.
He added that Miner used a 480 Gigahash (GH/s) Vitakse machine per second. For comparison, many major crypto mining companies use machines that can run at over 230,000 GH/s.
“Mineers of this size will have a chance of finding blocks per day of less than one million, or on average, it will take 3,500 years to find blocks,” Kolivas added.
The miners snatched a total of 3.15 BTC to solve blocks 887,212 timestamped to UTC on March 10 at 7:22 pm. That prize includes the current 3.125 Bitcoin mining reward and another 0.025 Bitcoin from the trading fee.
Source: Con Kolivas
According to the ASIC Minor Values of Bitcoin Minor Marketplace, the price of the 1,200 Gigahash Bitaxe Gamma 601 machine, three times more powerful than the one used by the Solo Minor, costs around $158.
ASIC Miner Value estimates that if the Bitaxe Gamma 601 exceeds $20 a year, it will use around $18 worth of electricity, exceeding its annual net profit of less than $3.
The Bitaxe Gamma 601 is almost the size of a smartphone. Source: ASIC Minor Value
The odds for the Bitaxe Gamma 601 also state that the chances of mining solo blocks on a given day are 4.6 million, or 1 in 12,700 per year.
Related: Solo Miner Snags Bitcoin Block Rewards worth $300,000
Solo Bitcoin Miners rarely unlock blocks, let alone those with small mine rigs.
Most Bitcoin is mined from larger pools such as Foundry USA. This pool has earned most of its hashrates from public Bitcoin miners such as Cipher Mining, Bitfarms and Hut 8.
Mara Holdings, the largest Bitcoin mining company by market capitalization and hashrate, uses its own Bitcoin mining pool, Mara Pool.
Pocket-sized Bitcoin Miners are hardly profitable, but some of these microminers have been built in an open source way to combat the “secret and exclusiveness” of Bitcoin Miners, one of the builders of Bitaxe Miners, in a September 2023 interview.
Most Bitcoin miners, such as those created by Bitmai, have been closed and run against the spirit of Bitcoin, Scott said.
“The advent of these open source projects will help shed light on this often opaque area, making them more transparent and accessible to the public.”
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