A curious fact bordering on the unusual occurred recently in the Bitcoin network. A solo miner solved a block with 460 transactions and got the reward of 6.25 BTC. The user obtained the block by mining through the only CK pool service, a subsidiary of the Kano CKPool mining group.
The event occurred last Friday, July 2, in block 689.382. That day the collective computing power of the network was 151 PH / s, according to figures from blockchain.com. In addition, according to records of BTC.com, the block had a volume of 847 bitcoins, a size of 1.7 MB and already accumulates 502 network confirmations.
The achievement of the miner was spread on Twitter by the engineer of software, With Kolivas @ckpooldev, administrator of Only CK Pool, who explained that the user would have employed a computing power of 0.1 PH, that is, a tiny part of the entire hash rate from the network. However, that small contribution was enough to beat the big ones pools mining in the” race ” for the block.
With such computing power a Bitcoin block wouldn’t be solved, on average, in more than 100 years, according to Kolivas. The analyst also noted that the mining occurred before the level of difficulty of the network fell, which draws even more attention.
“Congratulations to the lucky miner who solved a solo Bitcoin block in solo.ckpool.org with approximately 100 TH. This block was resolved before the difficulty fell, so the fall of net hash it did not help to solve this block, ” the programmer detailed on the popular social network.
On how Only CK pool works, the website points out that the service automatically takes your bitcoin address and grants a unique connection of stratum (servers and ports) to your own address. Unlike others pools mining, not shared hash rateor possible incentives.
“If you find a block, 98% of the block reward + transaction fees are generated directly to your bitcoin address. No need to worry about passwords, logins or withdrawals. Keep in mind that if you don’t find a block, you don’t get any reward with solo mining,” the service explains on its website.
Long history in Bitcoin mining
The Only CK pool service began solving Bitcoin blocks in September 2014 and has since mined 242 blocks. Its greatest contribution period was between 2015 and 2018, but the platform is still active contributing with computing power to the network. Between 2019 and 2021 he has solved 7 blocks.
In total, and taking into account the rewards earned since its first solved block, the service has earned more than 2,650 BTC, which is currently equivalent to almost 90 million dollars, according to bitcoin’s quote on CoinMarketCap.
It is common for miners with little or low processing power to join a pool or mining groups to offer their hash rate in exchange for the incentives that could be generated. By adding computing power collectively, participants share rewards proportionally to the hash rate arranged by them.
The Crypto News glossary of terms defines cryptocurrency mining as the process by which complex mathematical problems are solved to validate transactions on a blockchain and issue new coins.