Solo mining is slowly decreasing as mining difficulty increases. Solo mining is mining alone. Currently, it is almost impossible for people to find Bitcoin blocks by solo mining, which is why everyone is leaning towards pool mining and group based mining. But since last January, 3 miners have found blocks with a very small amount of hash power by solo mining.
To know more about solo mining, you can see our article – Cryptocurrency Mining
If you were to calculate on paper, it would take many years to find such a block with limited hash power. But the miner got this very quickly. This is the 275th block in ckpool’s solo mining and the 793607th block on the Bitcoin blockchain.
The miner was mining with S9 Bitmain Antminer which came in the market in 2017. He only had 1 miner from which he was able to generate 17 Terahash per second. Finding a block from such a hash power is currently very difficult. According to CK Pool Admin Con Kolivas, if someone were to mine Bitcoin solo with such a miner, the chances of finding a block are slim. The odds of finding a block with such a miner is 1:5500. It means that there is no possibility. If we look at probability in terms of time, then finding a block with a miner like this is possible once every 450 years.
The miner received a total of 7 bitcoins by finding this block, of which 6.25 bitcoins are block rewards. Apart from this, he received another 0.75 bitcoins which were transaction fees.
Those who mine and find blocks currently receive 6.25 bitcoins per block. Every four years this block reward is halved which is called halving. The next halving will be in 2024.
Mining is the process of verifying transactions organized in cryptocurrencies and adding them to new blocks. Also, new supply of Bitcoin is added through mining. The Bitcoin blockchain can be said to be secure through miners.
Currently, the difficulty in Bitcoin mining is very high. It means that before someone could do mining with CPU or GPU, now it is not possible. It’s really hard for someone to find a block at only 17 Terahash per second in such a situation. Pool mining is more profitable than mining alone, or it is better to mine with many miners.
If someone wants to do solo mining, he needs a miner. Of course, there is also the option of not buying the miner. Hash power can be bought and sold on several marketplaces including NiceHash. If you want, you can buy hash power from there and do mining. If anyone is interested in knowing more about this, you can let us know in our Telegram group.