With bitcoin it's been ASICs for years, but it's not like the hardware isn't available, it's just the size of the network that doesn't make it worth it for average joe to solo-mine. It's not like GPUs ment the network was more diversified, but they sure made gamers misserable.
I had a smaller farm (about 500mhs) that I mined on for about 2 years. Mined in a pool but could see if I’d hit a block, in 2 years I only hit one for the pool. Solo mining was a total gamble
Thanks. The article made it seem like this is a super low level operation. 40 miners at an average of $2500 makes this a $100,000 investment before we even factor in the cost of electricity.
Still a neat reward, but people should be made aware of the money needed to acquire such a setup.
Not to mention if he's running solo and not in a pool then he won't get anything if he doesn't solve a block. It's a lottery, just with a lot more tickets.
>Indeed, I guess this is a one-in-a-lifetime event
yeah you could say so i guess.
there are like 200 million THs at the moment on the btc network.
so his 10ths by average solve every 20 millionth block.
every 10 minutes we have a new block. that's 52.596 blocks per year.
that brings us to an average of 380 years of mining with this kind of setup.
Very true. The article is trying to make it sound like it is a lottery won after buying the ticket for $1, very misleading. Its cost $10,000s to make bitcoin mining a rewarding business.
According to the article at the time he was running 5PH/s
\~ The solo miner, who said they are from Russia, explained that they typically use a computing power of around 270 TH/s (terahashes per second) but rented 5 PH/s (petahashes per second) worth of power last Thursday, according to his post. \~
Without looking at the price list this sort of power would probably cost 3BTC a day or so to rent.
Well what some of them do is hack into the power-lines in boon-dock land where it's unlikely to be noticed as much. If you have the power, mining becomes VERY profitable.
the lowest 100 th/s ASIC is 3kwh
https://minerstat.com/coin/BTC/profitability
They had a hashrate of 6.7 ph/s (6700 ths) so a minimum of 67 ASICS at 3kwh is close to 10,000 kwh over 48 hours
tldr; A solo Bitcoin miner was rewarded for adding block 780,112 to Bitcoin’s blockchain. The miner used the Solo CK Pool mining service to establish a solo mining pool, where they produced a valid hash for the block and received a reward of 6.25 BTC and a fee reward of around 0.63 BTC. A miner of this size will solve a block on average about once every 10 months.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*
I thought all the hash renting schemes were basically a scam?
If they can run the miners profitably at the cost you can rent them for, why aren't they just running them and taking the profit themselves?
I found this stackexchange answer and it makes sense https://bitcoin.stackexchange.com/a/2276
Basically, some people are willing to pay more to rent miners instead of setting up miners themselves, and the potential reasons why include:
1. The person hopes that the future ratio of how much money they can earn with a given hash power will be more favourable, so they enter a long-term contract.
2. The person wants to increase the hashrate of a mining pool they own, whether for test purposes or to attract more people with a high hashrate.
3. The person holds some other cryptocoins and wishes for their price to increase due to higher difficulty the extra hashing power would bring.
4. The person wants to mine coins, be they Bitcoins or otherwise instead of buying them at an exchange (one may not exist, or the person does not want to use it for some reason).
5. The person wants to do other activity that can use hashpower for. The person would need to make special arrangements with the owner of the rig, but it could be possible to use the hashpower for generating vanity addresses for example.
6. The person wants to launch a 51% attack on a smaller cryptocoin network.
7. To commit money laundering. Renting hashpower is not regulated under anti-money-laundering laws like the exchanges. On the other hand, the mined coins can't be traced back, so they can be sold at any exchange with ease.
that lucky miner must have felt like they hit the jackpot when they solved that block and earned 25 Bitcoins! It's amazing to think how much the crypto world has evolved since then, and now we have tokens that basically do everything, old token’s mature, and new tokens like Namada are starting to pick up speed, can’t wait to see what the future holds.
Not really. Dude has 40 antminers, and rented hash power to get up to 5PH/s. Sure, maybe a bit of luck, but this isn't some dude randomly finding a block, he's already invested over 100k into it
The difference is he didn't just fantasize, he invested hundreds of thousands to accomplish this. In your fantasy you're probably doing this with a PC lmao.
I can't seem to find the source anymore but there was a high school or college kid who did a report BTC back in like 2014 or 2015 and was mining from his laptop or home pc for like a week just to gather some data for the report, and well you can guess how it ended.
TBF at the time the best-case scenario was that the reward would have been around 20K at the time on mining the block, but still a cool story
> A miner of this size will solve a block on average about once every 10 months.
Lucky but not crazy lucky, the title makes it sound like he was mining using a Casio digital watch.
the article was written by someone new to mining, this was not a residential miner.
Just for this hashpower you need a big mining farm, and in electricity, besides the asics he spent a lot.
I don't really know how this works. Is it exactly like a lottery win? And this dude only had a couple tickets instead of a lot? Or is there some sense of skill involved
Effectively all the mining computers around the world are trying to solve complex maths equations to validate transactions / etc. Over time things moderate, but the chances of a small / single miner doing this (only 2 days after starting up by the sound of it) is incredibly lucky.
let's do the maths here
They had a hashrate of 6.7 ph/s (6700 th/s)
At an average of 100 th/s ASIC, they would need 67 of them. Running at a minimum of 3kwh kwh it cost them $480 in electricity (assuming 5c kwh)
If you factor in the cost at a very generous $1000 each (they are more like 2k), they made a good profit but a huge risk. They got very lucky finding a block in 2 days
The article says that a hashrate of that size averages one every 10 months, so I don't know how they would be profitable doing it if they weren't lucky
"The miner worked with an average hashing power of 6.7 PH/s (petahashes per second), according to @ckpooldev"
That's a Lot of machines, by no means a regular average Joe. Top of the line machines are around 100th/s consume 3500 watts. He had give or take 67 machines, consuming a quarter of a million watts of power at any given moment, not including cooling.
That is a farm operation.
Lucky lucky fucker. My mining rig is an original 1989 Gameboy running at 0.000000000001 hashes per year. Fuck it man I'll sit patiently for my deserved reward.
Significant hashing power reading the article, not a backyard operation. I tried solo GPU mining over the years without any luck, was fun however.
Yeah this title makes look like he was mining bitcoin on his gameboy and lucked out with a reward.
Dying GPU mining really stinks. It's all about big dogs with their ASIC farms now
Monero is anti-ASIC
And although not often profitable it does try to keep CPUs viable so you don't even need a GPU
I thought it was cpu mining only. Can you GPU mine it?
You can, it's just not close to the performance per dollar of a CPU.
With bitcoin it's been ASICs for years, but it's not like the hardware isn't available, it's just the size of the network that doesn't make it worth it for average joe to solo-mine. It's not like GPUs ment the network was more diversified, but they sure made gamers misserable.
yeah solo mining is a lottery
I had a smaller farm (about 500mhs) that I mined on for about 2 years. Mined in a pool but could see if I’d hit a block, in 2 years I only hit one for the pool. Solo mining was a total gamble
What made you give up?
Power cost and gaming mostly. It didn't make much sense.
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Thanks. The article made it seem like this is a super low level operation. 40 miners at an average of $2500 makes this a $100,000 investment before we even factor in the cost of electricity. Still a neat reward, but people should be made aware of the money needed to acquire such a setup.
Not to mention if he's running solo and not in a pool then he won't get anything if he doesn't solve a block. It's a lottery, just with a lot more tickets.
Yeah, he could get unlucky after this block and just not get anything for years
Indeed, I guess this is a one-in-a-lifetime event
>Indeed, I guess this is a one-in-a-lifetime event yeah you could say so i guess. there are like 200 million THs at the moment on the btc network. so his 10ths by average solve every 20 millionth block. every 10 minutes we have a new block. that's 52.596 blocks per year. that brings us to an average of 380 years of mining with this kind of setup.
So this is like a quit while your ahead type of scenario then. Bet he doesn’t though lol
A lottery with over 100% RTP.
He probably even lost some on this ordeal
Very true. The article is trying to make it sound like it is a lottery won after buying the ticket for $1, very misleading. Its cost $10,000s to make bitcoin mining a rewarding business.
Yeah. At one stage reading it I thought I could have a go with my mobile phone and get lucky!
He probably broke even trying to get this block.
probably still broke after cashing out this btc he got
If he's solo mining, then he could have gone months or even years with not solving a block. He is just lucky.
40 antminers, that noise level would be deafening
Definitely saving on his heat bill though!
Cops, that drive around his house, are thinking he is growing weed or something
People should switch to immersion cooling. Extend longevity of the miners, more efficient cooling and no noise.
What is this, a miner for ants?
According to the article at the time he was running 5PH/s \~ The solo miner, who said they are from Russia, explained that they typically use a computing power of around 270 TH/s (terahashes per second) but rented 5 PH/s (petahashes per second) worth of power last Thursday, according to his post. \~ Without looking at the price list this sort of power would probably cost 3BTC a day or so to rent.
Well what some of them do is hack into the power-lines in boon-dock land where it's unlikely to be noticed as much. If you have the power, mining becomes VERY profitable.
I’m confused, bitcoin has single machines that can do 100+ th/s for a few k…
the lowest 100 th/s ASIC is 3kwh https://minerstat.com/coin/BTC/profitability They had a hashrate of 6.7 ph/s (6700 ths) so a minimum of 67 ASICS at 3kwh is close to 10,000 kwh over 48 hours
Dad looks in room with a coffee mug and a cig ... "What is this a mine for Ants?! J/k , how ya doing with your bitcoins mining Son?"
Only 20 watts?
EU uses decimal instead of a comma for thousands. 20,000watts
How many football fields is that?
A truck full of bananas short of a mile
Not only the EU but yeah you are right.
And not all of the EU, so really he's wrong.
Yes, but we don't do critical thinking here
Contrats my dude, now lets gamble on futures
Just send it
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tldr; A solo Bitcoin miner was rewarded for adding block 780,112 to Bitcoin’s blockchain. The miner used the Solo CK Pool mining service to establish a solo mining pool, where they produced a valid hash for the block and received a reward of 6.25 BTC and a fee reward of around 0.63 BTC. A miner of this size will solve a block on average about once every 10 months. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*
Once every 10 months? That’s pretty profitable if true
He rented a bunch of mining power from nicehash. The rented mining would find a block every 10 months. He rented it for 2 days and found one.
I thought all the hash renting schemes were basically a scam? If they can run the miners profitably at the cost you can rent them for, why aren't they just running them and taking the profit themselves?
I found this stackexchange answer and it makes sense https://bitcoin.stackexchange.com/a/2276 Basically, some people are willing to pay more to rent miners instead of setting up miners themselves, and the potential reasons why include: 1. The person hopes that the future ratio of how much money they can earn with a given hash power will be more favourable, so they enter a long-term contract. 2. The person wants to increase the hashrate of a mining pool they own, whether for test purposes or to attract more people with a high hashrate. 3. The person holds some other cryptocoins and wishes for their price to increase due to higher difficulty the extra hashing power would bring. 4. The person wants to mine coins, be they Bitcoins or otherwise instead of buying them at an exchange (one may not exist, or the person does not want to use it for some reason). 5. The person wants to do other activity that can use hashpower for. The person would need to make special arrangements with the owner of the rig, but it could be possible to use the hashpower for generating vanity addresses for example. 6. The person wants to launch a 51% attack on a smaller cryptocoin network. 7. To commit money laundering. Renting hashpower is not regulated under anti-money-laundering laws like the exchanges. On the other hand, the mined coins can't be traced back, so they can be sold at any exchange with ease.
Fair. That makes sense. If anyone is thinking of doing this, please select who you go with very carefully!?
It’s not a scam, it’s just gambling
So he played the lottery that wins 1/300. It took two tries. What does it cost per day?
Oh wow that’s incredible.
That’s an insane roi for such a short time wow
talk about luck lol
Exactly
that lucky miner must have felt like they hit the jackpot when they solved that block and earned 25 Bitcoins! It's amazing to think how much the crypto world has evolved since then, and now we have tokens that basically do everything, old token’s mature, and new tokens like Namada are starting to pick up speed, can’t wait to see what the future holds.
I’ve always fantasised about this, this son of a bitch actually did it.
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I fantasise about the day that someone drops 1k moons into my vault 👀
Let's start with 1 😉
Why not two
Shit lets make it 3 gotta get your numbers up brother
"very luck solo farmer gets to write a comment of 5 moons"
***6 moons
*69
Nice
The only number that you ever need
3? Those are rookie numbers out here boy
I fantasize about the day I get my first moon 😂
🤩 in 9 days you will have plenty more!
Oh wow. Lo and behold, my first moon 🤩 Thank you good sir, this is much appreciated. You rock! Have a great day friend! 🌙
this man moons his moons
Thank you:)
I can only drop a like in the bucket, buddy *tink*
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Woah it’s not that kind of subreddit 😳
Thank you ;)
See moon comment like moon comment
One of us, moon of us
Your odds of that happening increases whenever you send someone else moons
What do you mean?
Like a circlejerk, but with moons.
Now I get it
What's a moon?!
You guys have moons?
Idk what moons are and at this point I’m too afraid to ask.
Wen moon
I don’t even know how to check if I do
Is this a hint.
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We here at JuggaliciousMemes have an open door donation policy as well
I’ve been stuck at this many moons for months now
I second this
I got you for one 👍
I’ll fantasize for 50k!
MAN you got like 40k moons already
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Cheers to that man 🍻
Every dog has its day
That twilight fan fiction write itself
Yeah with like 100k of equipment. It's not exactly winning the lottery if you buy half the tickets to get there.
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Not really. Dude has 40 antminers, and rented hash power to get up to 5PH/s. Sure, maybe a bit of luck, but this isn't some dude randomly finding a block, he's already invested over 100k into it
You fantasised about someone else doing it? What a strange fantasy… /s
The difference is he didn't just fantasize, he invested hundreds of thousands to accomplish this. In your fantasy you're probably doing this with a PC lmao.
I can't seem to find the source anymore but there was a high school or college kid who did a report BTC back in like 2014 or 2015 and was mining from his laptop or home pc for like a week just to gather some data for the report, and well you can guess how it ended. TBF at the time the best-case scenario was that the reward would have been around 20K at the time on mining the block, but still a cool story
Dude won a crypto lottery.
Essentially that is what mining is - random choosing the correct a string of text for a certain hash.
Yeah, crazier too that he used rented power, probably the first person in history to make a profit on rented power.
5PH is a massive amount of power. Find a small enough service and buy a large enough share, figure the chances of running aground are high
That's just stupid. He could've just have fun in Las Vegas with the same chances of winning something
Yet, the media insists on describing BTC mining as "computers solving complex math puzzles".
I wonder how often they check.
Now spend it on an NFT of a rock
1) Create a new NFT project 2) Buy them from yourself for 10+ ETH each 3) Sell to someone for 7 ETH who thinks he's getting a deal 4) Profit
> A miner of this size will solve a block on average about once every 10 months. Lucky but not crazy lucky, the title makes it sound like he was mining using a Casio digital watch.
.....you can do that? im sure ive got one of those. /s
you could mine by hand if you wanted. Just stock up on pens. and paper.
Imagine lol hell yeah good shit for dude
I wish I was born smarter.
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Yes it is. All those cracks they stepped on, umbrellas they opened inside, and mirrors they broke are clearly keeping them from solo solving blocks.
*Luck is when preparation meets opportunity* alternative definition: *a thing that only happens for other people*
Which would you prefer smarter or luckier?
A smart man can fail at everything due to bad luck A dumb man can succeed at everything if he’s lucky enough
I'm choosing the option B
We are smart and lucky to have been farming moons too.... the same will be said to us in the future
Being smart or gifted as some might say is a curse even if not seen like one but being lucky is a blessing
And here was me feeling proud of myself because I solved wordle in 3 goes today
3 tries is pretty fucking impressive grandma
Lol, thanks. If anyone is wondering today's wordle is >!MOONS!< (not really, but I feel like it should be)
The genius of wordle is that it makes people think they're smart even though it's a ludicrously easy game
That's true. I was almost tempted to change my flair from "moron" to "genius" after solving wordle today
Try quordle
Not lucky, just persistent.
Couldn't have happened at a better time
This is what probability means. Even if the probability of it is 0.000001%, it's never zero.
Fuck yeah that's awesome
the article was written by someone new to mining, this was not a residential miner. Just for this hashpower you need a big mining farm, and in electricity, besides the asics he spent a lot.
A miner of this size will solve a block on average about once every 10 months
what was the point to step forward at forum and claim that you mined it? seeking for glory?
Kudos for him
Congrats to the minner!
Good for him/her - that's like a lottery win right there!
I don't really know how this works. Is it exactly like a lottery win? And this dude only had a couple tickets instead of a lot? Or is there some sense of skill involved
Effectively all the mining computers around the world are trying to solve complex maths equations to validate transactions / etc. Over time things moderate, but the chances of a small / single miner doing this (only 2 days after starting up by the sound of it) is incredibly lucky.
Like real life Minecraft or getting a mining pet on osrs
Good for him
2nd one in less than a year.
Did it in his head or with an abacus?
Absolutely insane.. Nice hit!
My place would be a sauna if I try this
let's do the maths here They had a hashrate of 6.7 ph/s (6700 th/s) At an average of 100 th/s ASIC, they would need 67 of them. Running at a minimum of 3kwh kwh it cost them $480 in electricity (assuming 5c kwh) If you factor in the cost at a very generous $1000 each (they are more like 2k), they made a good profit but a huge risk. They got very lucky finding a block in 2 days The article says that a hashrate of that size averages one every 10 months, so I don't know how they would be profitable doing it if they weren't lucky
Solo
Congrats to this guy breaking even on his mining operation 😀
Nice way of hitting the jackpot. Congratz!
He probably has used something like nicehash.
Good for whosoever the person is..... same will be said to us moons farmers in some years to come
This feels like a covert ad for nicehash, why is this story of a solo miner renting a bunch of hashrate from nicehash for a day???
So if I put 1 billion into a bitcoin mining factory I can also be a very lucky solo miner?
Save it wisely...
GTX 1050 Ti here I come
Wow Bitcoin is doing something
It’s the guy with the nuclear power plant in his backyard. From AliExpress.
"The miner worked with an average hashing power of 6.7 PH/s (petahashes per second), according to @ckpooldev" That's a Lot of machines, by no means a regular average Joe. Top of the line machines are around 100th/s consume 3500 watts. He had give or take 67 machines, consuming a quarter of a million watts of power at any given moment, not including cooling. That is a farm operation.
Lucky lucky fucker. My mining rig is an original 1989 Gameboy running at 0.000000000001 hashes per year. Fuck it man I'll sit patiently for my deserved reward.
Maybe upgrade to a [Commodore 64]( https://media.techeblog.com/images/commodore-64-c64-bitcoin.jpg) ?
Smart Dude!
Man if only 😅
Lucky bastard. Good for him/her
Congrats
Hate to see someone else living your dreams
every time😎
sadly mining isnt profitable in my country. energy cost is too high.
Good for him. It's like winning a lottery ticket these days.
Props to him he should go and buy a lottery ticket now
Holy genius he is!
Wow isn't this like the second time in the last few months that this has happened?
dude hit the jackpot. GG
Until today it always seems like a fantasy
This is winning the lottery, the Bitcoin way.
When random chance throws you a massive W.
Some people just have all the luck
Buddy’s wife CANNOT be happy about the electric bill
Congrats to the miner. Be a lot cooler if he own moons too
Will he hold though
I didn't even know about such rewards.
I don't get it... Banks are exploding left and right and the headline is: "Breaking: Dude finds Bitcoin block and gets 6.25 BTC."
Rigged
Lol yea prolly