In an astonishing stroke of luck, a solo Bitcoin miner using a low-cost, pocket-sized crypto mining rig has successfully solved one of the blockchain’s blocks, earning a massive $263,000 reward. This rare event underscores both the unpredictability and potential rewards of Bitcoin mining, even for small-scale participants.
A Solo Miner’s Incredible Win
On March 10, the solo Bitcoin miner became the 297th individual to mine a Bitcoin block from the solo.ckpool mining pool, according to its developer, Con Kolivas. The miner used a modest 480-gigahash per second (GH/s) Bitaxe mining machine—an entry-level rig compared to the industrial-grade machines that dominate the space. In comparison, major crypto mining firms deploy hardware capable of exceeding 230,000 GH/s, making this miner’s success all the more remarkable.
Kolivas highlighted the improbability of this achievement, noting that a miner of this size has “less than a one in a million chance of finding a block per day.” He further explained that, statistically, it would take approximately 3,500 years for such a device to mine a block.
Breaking Down the Earnings
The miner earned a total of 3.15 BTC for solving block 887,212, which was timestamped at 7:22 PM UTC on March 10. This reward comprised the standard 3.125 BTC block subsidy and an additional 0.025 BTC from transaction fees, as per data from mempool.space.
The Tiny Mining Rig That Made It Happen
The miner used a Bitaxe machine, a compact mining device that operates at 480 GH/s. To put this into perspective, the Bitaxe Gamma 601—one of the most powerful models in this category—operates at 1,200 GH/s and costs approximately $158, according to Bitcoin miner marketplace ASIC Miner Value.
Despite its affordability, ASIC Miner Value estimates that the Bitaxe Gamma 601 generates only around $20 in revenue per year while consuming $18 in electricity, resulting in an annual net profit of under $3. The odds of this device mining a solo block on any given day stand at a staggering one in 4.6 million, or one in 12,700 over the course of a year.
The Rarity of Solo Mining Success
Solo Bitcoin miners achieving such milestones is incredibly rare. The vast majority of Bitcoin’s network hashrate is controlled by large mining pools like Foundry USA, which aggregates computational power from public Bitcoin mining firms such as Cipher Mining, Bitfarms, and Hut 8.
MARA Holdings, the largest public Bitcoin mining company by market capitalization and total hashrate, operates its own dedicated mining pool, MARA Pool. These large-scale miners deploy state-of-the-art mining hardware and operate on an industrial scale, making the success of a single miner with a low-powered device truly exceptional.
Open-Source Mining: A Challenge to Industry Giants?
While most Bitcoin mining hardware is proprietary and closed-source—produced by companies like Bitmain—some engineers and developers are working to create open-source mining solutions. One such individual, known as “Skot,” who is involved in the development of Bitaxe miners, told Cointelegraph in a 2023 interview that open-source mining hardware aims to challenge the “secrecy and exclusivity” of the Bitcoin mining industry.
The ethos of Bitcoin is rooted in decentralization and transparency, yet the mining sector remains dominated by a few major players. Open-source initiatives like Bitaxe seek to level the playing field, allowing more individuals to participate in Bitcoin’s security and transaction verification process without relying on large, centralized entities.
What This Means for Small-Scale Miners
This rare success story serves as an inspiration to small-scale miners, demonstrating that, despite overwhelming odds, individual miners still have a shot at earning significant rewards. It also reignites conversations about the inclusivity of Bitcoin mining and the importance of accessible, open-source hardware solutions.
While the likelihood of repeating this feat remains low, the story underscores the potential opportunities within the Bitcoin ecosystem—even for those with minimal resources. As Bitcoin continues to evolve, decentralization advocates may find renewed interest in alternative mining approaches that empower individuals rather than large corporate entities.
