Solving a Valid Bitcoin Block Earns Solo Miner $6.25 BTC Despite Increasing Network Hashrate

An unaffiliated Bitcoin miner has earned the prestigious 6.25 BTC block reward for solving block 803,821.

This year has been exceptional for the Bitcoin network as a single miner earned 6.25 BTC (at press time, nearly $160,000) by solving block 803,821.

On August 18, a momentous thing occurred: a miner became Bitcoin’s 277th solo miner. Rarely does a single miner crack a block of this size; the average is once every seven years.

A solo miner with just a few petahashes of hashing power can’t compete with the thousands of BTC miners who use exahashes.

Successful users may retain 98% of the prize for themselves when solving a block. In March and June, two separate miners successfully solved Bitcoin blocks.

In the meanwhile, despite the asset’s price declines, the number of BTC blocks mined every second has climbed during the previous week.

Given the recent decline in Bitcoin’s value, this poses a problem for miners. But next week, when the mining difficulty changes, profits may take another knock. Bitrawr predicts that the mining difficulty for Bitcoin will increase by 7% as a result of the increased hashrate.

Meanwhile, the rising cost of electricity in Texas might have a disproportionate impact on the state’s mining industry.

Also Read: Bitcoin Could Cause Harm Due to ‘Highly Suspect’ Price Action, Says Legendary Trader Peter Brandt