Miner Breaks Record, Solves BTC Block Amid Rising Network Hashrate
A report from the Bein Crypto platform said that a freelance miner had made history by legitimately solving a Bitcoin block. The information has it that the miner with the handle “bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6” used the Solo CKpool mining service, a move industry experts say represents a huge victory for independent miners in a market that large mining corporations increasingly dominate.
It was gathered that the miner found the challenge of solving a Bitcoin block to be incredibly fulfilling. From the available analysis, when a block is successfully solved, the Solo CKpool mining service allows miners to keep a sizeable amount of the block reward, letting them keep 98% of the earned reward.
The Solo CKpool was created especially for miners with outdated or inefficient mining equipment who could not profit from conventional mining techniques. It was said that the miner succeeded in solving block 803,821, and earned 6.25 BTC block as reward.
This development happened against Bitcoin’s increasing hash rate, a metric for the processing power allocated to mining activities on the network. Blockchain.com statistics show that on the 18th August, Bitcoin’s hashrate reached an all-time high of 414 EH/s, showing the escalating rivalry and investment in the mining industry. Meanwhile, the network has proved its sturdiness with a hash rate of 410.0 EH/s (as of press time).
Mining Difficulty Rise By 7%, Rise In Network Hashrat Continues
According to Bitrawr, the mining difficulty is expected to rise by 7% due to the sharp increase in hashrate. The network’s built-in self-regulation mechanism guarantees that blocks are mined steadily, roughly every 10 minutes, reflected in this adjustment. The mining difficulty changes to maintain this schedule when additional miners join the network or update their hardware.
Solo CKpool’s administrator, Con Kolivas, shared information on the miner’s likely configuration. Kolivas calculated the miner’s hash power to be roughly 1 PetaHash and hypothesized they used an S17 Bitcoin miner. Also, the BTC mining hashrate has surged in the previous weeks, amid it’s price struggles.
Ryan James, a freelance cryptocurrency industry analyst, said that a single miner successfully solved a Bitcoin block is evidence of the decentralized structure of the Bitcoin ecosystem. According to James, it supports the notion that individual miners can still produce significant results despite rising network rivalry and hash power concentration.
Given the increasing network hashrate, it was observed that the recent development has started drawing the attention of the larger cryptocurrency community. In his analysis, James added that such occurrences offer valuable insights into the ever-changing nature of decentralized systems and an opportunity for small-scale participants to make a significant impact as the Bitcoin mining landscape continues to experience constant change.
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