Two Bitcoin Miners Extracted Two Blocks in Less Than 7 Hours, Receiving $460,000 in Rewards

Two independent Bitcoin miners successfully extracted one block each in less than 7 hours on November 7, earning over $230,000 in rewards. These miners used the CKPool solo mining service, which allowed them to keep nearly all of the block rewards for themselves. Blocks number 974,893 and 974,930 were registered under the names of these two miners. Bitcoin mining resembles a lottery due to the competition among thousands of devices to solve mathematical puzzles. Estimates suggest that a setup with two or three powerful devices has about a 1 in 40 chance of mining a block over the course of a year under current network conditions. However, solo mining is costly, and purchasing the devices may require thousands of dollars in initial investment. The monthly electricity costs for a multi-device setup can reach between $400 and $1,100. Miners do not earn any income until they find a block, and rising mining costs and heavy competition reduce the chances of success for small miners. Nevertheless, solo mining is still possible, and large rewards are available to independent miners.

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