Probability One in a Million: Bitcoin Miner Just 'Hits the Jackpot'

Blockchain data shows that on 10.3, an independent Bitcoin miner used cryptocurrency mining equipment to successfully mine block 887,212 of Bitcoin and received a reward worth 263,000 USD. According to Con Kolivas, the founder of the Bitcoin solo mining group.ckpool, the probability of a solo miner winning a block in a day is less than one in a million. In other words, on average, it takes 3,500 years to find such a block. This lucky miner uses the Bitaxe 480 gigahash per second (GH/s) machine. For comparison, many large cryptocurrency mining companies are using machines with a capacity of over 230,000 GH/s, which is 480 times more powerful than individual miners.

Bitcoin mining is the process of miners competing to solve complex cryptographic puzzles to verify transactions and secure the blockchain network. The winner will add a block to the blockchain and receive a reward consisting of new Bitcoins and transaction fees. As more people participate in the mining process, the competition across the network becomes higher, making the blockchain more secure. Due to the intense network-wide competition, individual Bitcoin miners rarely solve blocks. The chance of small rig miners receiving rewards is even rarer. To increase computational power, miners have joined together in pools. They use software to connect to the Bitcoin network to distribute computational processing and evenly share the rewards received. Blockchain data shows that lucky miners have received a total of 3.15 BTC when solving the puzzle in block 887,212. The reward includes 3.125 Bitcoin from the block and 0.025 Bitcoin from transaction fees. Based on market prices, this amount of Bitcoin is worth about 263,000 USD, equivalent to 6.7 billion VND.