In a milestone event for the cryptocurrency world, a lone miner managed to solve a block and win a reward of 3,275 BTC (Bitcoin), equivalent to about $180,000. This victory, which occurred on August 29, 2024, highlights the challenges and triumphs of individual miners in an area increasingly dominated by powerful mining pools.
The Context of the Award
The miner, who used the pseudonym 36AisvWi1UiwLTeTZxLzindAkorqeUc3tT, has successfully solved block number 858 978, marking the 291st successful solo miner in Bitcoin history. This success is all the more remarkable as it occurred at a time when centralization of mining has become a major concern. Indeed, recent data shows that four mining pools currently dominate the Bitcoin network, producing around 80% of the blocks. In this context, the fact that an individual miner can still solve a block and get the full reward is comparable to an exceptional feat. This victory not only represents a personal achievement for the miner, but it also raises questions about the current state of Bitcoin mining.
The Challenges of Mining lonely
Solo Bitcoin mining is often compared to a lottery, where the chances of success are minimal compared to the computational power of large mining pools. However, recent technological advances, such as the emergence of new mining devices, allow individual miners to participate more effectively in the process. Despite this, the majority of blocks are still extracted by pools, raising concerns about the growing centralization of the network. The centralization of mining poses risks to the security and decentralization of Bitcoin.
