A Bitcoin Solo Miner Earns $263K in Rewards
A Bitcoin solo miner achieved a remarkable feat, earning a $263K reward by finding a block using a cost-effective mining rig.
According to Con Kolivas, a developer at the miner’s pool, the likelihood of success for such a small rig is incredibly low.
> “A miner of this size has only less than a 1 in a million chance of finding a block per day, or put alternatively, would take 3,500 years to find a block on average.”
The miner utilized a 480-Gigahash per second (GH/s) Bitaxe machine and became the 297th solo miner to uncover a BTC block from the pool, earning 3.15 BTC (equivalent to $263K), which includes block rewards and transaction fees.
Miner Trends
In March, the selling pressure from BTC miners has lessened compared to late February, potentially aiding BTC’s recovery.
On February 26, 21.6K BTC was transferred from miner wallets, leading to BTC’s first dip beneath $90K.
By March 10, a subsequent sell-off saw 11.6K BTC sold, about half of the previous month’s outflow.
This decrease in selling pressure over the past two weeks may provide sufficient momentum for BTC’s rebound. A similar perspective is shared by the Miners’ Position Index (MPI), which assesses miners’ selling behavior and its influence on price.
The MPI surged to an overheated level above 2 in late February, reflecting the selling pressure that pushed BTC under its previous lows of $92K. At present, the MPI has slightly recovered but could limit BTC’s upside if it rises above 2 again. Currently, BTC stands at $84K, marking a 10% increase from recent lows of $76K, although it faces resistance at $85K.
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