BlocksInform
a solo miner won a 6.25 btc reward on tuesday, worth about $265,600 at the time of writing, after being able to add a new valid block to the bitcoin network with a hashrate capacity of just about 120 th/s in the mining pool solo ck.
“congratulations to a bitcoin miner with only 126th who solved a solo block on http://solo.ckpool.org,” solo ck administrator, dr. con kolivas, tweeted.
the miner, which according to solo ck pool stats is an individual worker, won the bitcoin mining lottery when odds were against them. Kolivas explained that there is "approximately one chance in 10,000 to find a block a day with this hashrate." for perspective, their 120 e/s hashrate equals 0.00012 eh/s and represents approximately 0.0000007% of the total bitcoin hash rate of the network. Most public Bitcoin miners have a hash capability between 1 and 5 eh/s, more than 10,000 times more than this solo miner's ability.
Bitcoin mining is a business in which miners compete to be the first to find a valid hash below the network threshold at any given time. Despite common beliefs, the calculation carried out to find a hash is not complex but simple. The difficulty consists in finding a valid hash, one that falls within the limits set by the mining difficulty of the Bitcoin network at that time.
The more hash per second a miner can perform, the greater the likelihood that they will find a valid block, distribute it on the network, and get the block award because they can try more combinations every second. However, small minors can still hit the jackpot as the hash function produces very different hashes, even slightly different ones. Miners often iterate quickly by changing the nunce and selected transactions as it seeks to find the perfect combination of entries which displays a valid hash.
