In a remarkable turn of events, a Bitcoin mining device with a mere hashrate of 500 gigahashes per second (Gh/s) defied the odds and successfully mined a block on July 24. This feat is even more astonishing considering that the device, known as “Bitaxe,” has a slim 1 in 1.1 billion chance of achieving such a milestone every ten minutes.
Created by D-Central Technologies, the Bitaxe device is compact in size, comparable to that of a human hand, as demonstrated by the YouTube channel “How Much?” The lucky miner who operated the device earned a substantial reward of $206,000 in Bitcoin. This accomplishment was officially verified by Altair Technology, a leading Bitcoin mining device retailer, through a post on X. The successful mining process took place on July 24 at 11:43 am UTC, with the mining of Bitcoin block number 853742.
Upon examination of the blockchain data provided by Solo CKPool, it was revealed that a total of 2,652.36 BTC amounting to $176,896,079 were sent in the block. The average transaction within the block was 0.6093 BTC worth $40,636.53. Additionally, Solo CKPool, the node infrastructure service connected to Bitaxe, received a total reward of 3.13 BTC worth $208,751, including transaction fees from 4,353 transactions.
To put this extraordinary achievement into perspective, it is crucial to consider the overall hash power of the Bitcoin network. According to CoinWarz, the current total hash power of the network is an astonishing 551.30 exahashes per second (Eh/s), equivalent to 551,303,337,631,415,300,000 H/s. This vast difference highlights the monumental odds that Bitaxe faced in mining a block roughly every ten minutes, with a probability of 1 in 1.1 billion.
Bitcoin mining is notorious for its energy-intensive nature, with miners facing significant electricity costs irrespective of their mining success. Solo Bitcoin mining, in particular, resembles a high-stakes lottery due to the financial risks involved. However, for the fortunate solo miner who operated Bitaxe, the gamble undeniably paid off in a spectacular fashion.
The unprecedented success of Bitaxe serves as a testament to the unpredictable and lucrative nature of Bitcoin mining. Despite the overwhelming odds stacked against it, this low hashrate device managed to secure a significant reward, proving that in the world of cryptocurrency, fortune favors the bold.
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