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A solo Bitcoin Miner wins around 3.125 Bitcoin as a reward for validating the 282nd solo block in Bitcoin’s history.
At the time when the mining rewards were reduced to half, a solo Bitcoin miner was rewarded with over $200,000 in rewards for validating the block 841,286. The miner is a part of the solo mining pool ckpool and was rewarded for solving the Bitcoin block alone. During the recent Bitcoin (BTC) halving event on April 20, the block rewards were reduced from 6.25 BTC to 3.125 BTC.
How Did The Bitcoin Miner Win The Jackpot?
On April 29, a software engineer and administrator Con Kolivas posted a tweet regarding the 3.125 BTC lottery. A solo Bitcoin miner received around $200,000 as a reward for validating the block 841,286.
Kolivas congratulated the miner for solving the 282nd solo block with a large 120 Petahashes per second (PH/s) at the time. He also mentioned the miner’s address to make it more clear.
Congratulations to miner 365ughTgK9Q7rXXTM7vubqy1awZ2AZJijP for solving the 282nd solo block solved at https://t.co/UWgBvLkDqc with a large ~120PH at the time (12PH average over a week) https://t.co/btUXBoC8Yd pic.twitter.com/yh0VkuAI5b
— Dr -ck (@ckpooldev) April 28, 2024
At the time of mining, the miner had a large hash rate of over 120 PH/s which is equal to around 0.12 exahashes per second (EH/s), with an average of over 12 PH/s over a week.
According to Kolivas, the switching of large miners from the mining pools due to cost-cutting and high electricity cost are other reasons behind the scenario.
On April 20, the mining rewards were dropped from 6.25 BTC to 3.125 BTC, the miners experienced a revenue surge due to a sudden spike in transaction fees. Runes are considered to be the main reason behind it which resulted in a sudden increase in the hasp price after halving.
Interestingly, it is for the first time in Bitcoin halving history, that the transaction fees are moving high. However, the total BTC transaction fees declined from 1,257 on April 20 to 1.5 BTC on April 25, as per CryptoQuant data.
Bitcoin Halving And Its Impact
Bitcoin halving is an event that takes place every four years to open 210,000 more blocks. At that time, the rewards for BTC miners is reduced to half to slow down the supply of the BTC in the crypto space.
In November 2012, the first Bitcoin halving event took place when the block rewards were cut from 50 BTC to 25 BTC. Similarly, the second, third, and fourth events took place, taking the mining rewards from 25 BTC to 3.125 BTC on April 20, 2024.
At the time of writing, BTC was trading at $62,342.23, after a drop of over 1.80% in a day, according to CoinMarketCap data.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
