Solo Bitcoin Miner Claims Block with Small, Affordable Rig — A ‘1 in a Million’ Achievement

Solo Bitcoin Mining: A Small Rig’s Big Reward and the Rise of Open-Source Crypto Miners

In an extraordinary achievement, a solo Bitcoin miner using an affordable, compact mining rig has successfully mined a blockchain block, earning a full reward of $263,000. This achievement highlights the potential of solo mining with small-scale rigs and sheds light on the growing importance of open-source projects in the crypto mining space.

The $263,000 Solo Mining Win

This solo miner became the 297th individual to mine a Bitcoin block from the solo.ckpool Bitcoin mining pool. The milestone was shared by the pool’s developer, Con Kolivas, in a March 10 post on X. The miner used a Bitaxe machine with a hash rate of 480 gigahashes per second (GH/s), a rig that’s far smaller and less powerful than the machines used by larger mining operations. In contrast, major crypto mining companies often use rigs with hash rates exceeding 230,000 GH/s.

Despite the low hash rate, this miner defied the odds, securing 3.15 BTC for solving block 887,212, which was timestamped on March 10 at 7:22 PM UTC. This reward includes the standard 3.125 Bitcoin mining reward, plus an additional 0.025 BTC from transaction fees.

The Odds of Mining with a Small Rig

To put things into perspective, a more powerful machine like the Bitaxe Gamma 601, which boasts a hash rate of 1,200 GH/s, is priced at around $158. Even though the Gamma 601 is nearly three times more powerful than the miner’s rig, it would only yield around $20 per year in mining rewards, after accounting for electricity costs of about $18. This results in a minimal net yearly profit of under $3. According to ASIC Miner Value, the odds of the Bitaxe Gamma 601 mining a solo block in one day are about 1 in 4.6 million, or 1 in 12,700 over the course of a year.

Solo Mining vs. Pool Mining

Solo Bitcoin mining is a rare and challenging endeavor, especially with smaller rigs. The vast majority of Bitcoin mining is conducted through large mining pools such as Foundry USA, which sources significant hashrate from major public miners like Cipher Mining, Bitfarms, and Hut 8. MARA Holdings, the largest public Bitcoin mining company by market cap and hashrate, runs its own mining pool, MARA Pool.

The Rise of Open-Source Mining Projects

While small-scale Bitcoin miners are typically not profitable, the rise of open-source mining projects is shifting the landscape. These smaller, often affordable rigs are being built to challenge the “secrecy and exclusivity” surrounding the Bitcoin mining industry. Developers of these rigs, such as “Skot” from the Bitaxe project, aim to bring greater transparency to an otherwise opaque sector. Unlike mainstream mining rigs like those from Bitmain, which are closed-source, these open-source solutions align with Bitcoin’s ethos of decentralization and transparency. By making mining accessible to a wider audience, open-source mining projects are allowing more people to participate in the process.

Affordable Bitcoin Miners for Solo Mining

If you’re looking to start solo Bitcoin mining with an affordable and efficient rig, there are several budget-friendly options available. Smaller, pocket-sized miners can still offer decent performance for individuals looking to mine Bitcoin without investing in high-end, expensive equipment. These affordable miners provide an entry point into the world of solo mining, making it accessible to a wider audience. To explore the best affordable mining solutions for solo mining, check out the Goldshell AE BOX and learn how it can help you begin your solo mining journey.