29 August 2024
A solo Bitcoin miner has made headlines by successfully mining block number 858,978 on the Bitcoin blockchain, earning a reward of 3.275 BTC, valued at $199,098 at the time. The block, mined earlier today, contained 2,391 transactions, according to blockchain data.
JUST IN: A solo miner just mined a block worth 3.275 #Bitcoin worth $199,098.
LEGEND 🤯 pic.twitter.com/rqscP29dud
— Bitcoin Magazine (@BitcoinMagazine) August 29, 2024
Bitcoin mining is the process through which new bitcoins are introduced into circulation. It typically involves using powerful computers to solve complex mathematical problems, which verify and add transactions to the blockchain. In return, miners are rewarded with newly minted bitcoins, known as the block subsidy, along with transaction fees paid by users.
The miner’s accomplishment is significant, given the increasingly competitive landscape of Bitcoin mining, where large mining pools usually dominate. Solo miners face the challenge of competing against large, resource-rich mining pools; however, although rare, the rewards can be substantial, as demonstrated by this and many previous solo miners’ successes.
The achievement by this solo miner also serves as a reminder of the decentralized nature of Bitcoin, where anyone with the right resources can contribute to and benefit from the network.