In an astonishing turn of events, a Bitcoin mining device with an incredibly low hashrate has achieved what many would consider nearly impossible. On July 24, a Bitaxe miner, boasting a meager 500 gigahashes per second (Gh/s), successfully mined a Bitcoin block, securing a reward worth approximately $206,000. This unexpected triumph was announced in an X post by Altair Technology, a retailer of Bitcoin mining devices.
The Bitaxe Miracle: A Tiny Giant in Bitcoin Mining
The Bitaxe, produced by D-Central Technologies, is a compact device, roughly the size of a human hand. Despite its small stature, this device has demonstrated that size isn't everything when it comes to Bitcoin mining. As shared by the YouTube channel "How Much?", the Bitaxe managed to mine Bitcoin block number 853742 at 11:43 am UTC on July 24.
The Slim Chances and the Big Win
To put this achievement into perspective, the current total hash power of the Bitcoin network stands at an astronomical 552.49 exahashes per second (Eh/s), equivalent to 552,490,000,000 Gh/s. This means that the Bitaxe's 500 Gh/s represents only about 1 out of 1.1 billion of the network's total power. Given these odds, the Bitaxe had only a 1 in 1.1 billion chance of mining a block every ten minutes, making this success nothing short of miraculous.
The Solo Mining Phenomenon
The Bitaxe miner was connected to the Solo CKPool, a service designed to facilitate solo mining by connecting individual miners to the Bitcoin network. Unlike traditional mining pools that aggregate the hash power of multiple miners, Solo CKPool allows miners to mine independently, thus retaining the full block reward for themselves if they successfully mine a block.
While solo mining is often compared to playing the lottery due to the high costs and low probability of success, it can yield substantial rewards, as evidenced by this recent Bitaxe victory. The miner's success story stands out even more starkly when compared to a similar incident in April, where a solo miner with a device boasting 120 petahashes per second (Ph/s) — 240,000 times more powerful than the Bitaxe — also mined a block.
The Centralization Debate
Most Bitcoin miners prefer to join mining pools, combining their computational power to increase their chances of earning rewards. However, this practice has raised concerns about the centralization of the Bitcoin network. Proponents of solo mining argue that it preserves the decentralized nature of Bitcoin, ensuring that no single entity gains too much control over the network.
Conclusion: A Beacon of Hope for Small-Scale Miners
The Bitaxe's unexpected success is a beacon of hope for small-scale miners and reinforces the unpredictable nature of Bitcoin mining. It showcases that even with limited resources, significant achievements are possible in the crypto world.
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