decentralization
I recently read about a solo miner who won the mining lottery – they managed to solve a Bitcoin block and earned 6.25 BTC worth over $160,000. This was made possible through the Solo CK Pool, which the miner had 1 PH/s of hashrate. That’s an insane amount of power and would cost around 500k in electricity bills.
It’s amazing to think that one person could achieve such a feat, and it has made me wonder how common it is for solo miners to successfully mine, and the associated costs. As the Solo CK Pool requires a large amount of hashrate, it is likely that it is only the bigger miners who can afford to compete. This means that smaller miners may be out of luck, and it also defeats the purpose of decentralization.
However, it is still possible to mine successfully as a solo miner, and it is encouraging to see someone who has done it. Even though the individual will likely have to pay a lot of fees, it is still possible to make a profit. The solo miner who recently won the lottery is proof that it is possible to be successful, as long as you invest the necessary time and money.
It is also worth noting that solo mining is much riskier than pool mining. Pool mining, also known as joining a mining pool, allows miners to combine their computing power to mine a block and then share the rewards. Whereas solo mining requires the miner to have enough computing power to mine a block alone, which is much riskier.
Ultimately, it is encouraging to see someone who was able to make a large profit through solo mining. It shows that it is possible to be successful, as long as you have the resources and the knowledge. Although it is risky, the reward can be worth the effort. And it gives hope to smaller miners who may not be able to participate in the Solo CK Pool.