Two Bitcoin (BTC) miners and one Ethereum (ETH) miner have started this year in the best way possible by successfully mining a whole block by themselves.
Two BTC miners collected 6.25 BTC (~$252,000) each and one ETH miner collected 168 ETH (~$560,000) in just two weeks.
These events are incredibly rare. The chances of one miner successfully mining an entire block is one in a million, to happen three times in two weeks in a statistical marvel. To make things even more impressive, all three achieved the feat with minimal mining hardware.
The first two lucky miners were both mining BTC. The two miners were both a part of the Solo CK anonymous mining pool for BTC and within three days of each other managed to successfully mine an entire block by themselves. Both miners look to have only been using one or two machines to mine blocks.
Now, a little over one week later, an ETH miner using a SOLO pool managed to also reap the rewards of an entire block.
This miner was using a machine that produced 2.25 Giga hashes per second. This type of mining power is possible with any of the top graphics cards available on the market. The value of block rewards on ETH can vary and this lucky miner managed to claim 168 ETH which is 42 times the normal block reward.
These types of rewards are far from typical. In fact, with the growing costs of hardware and rising electricity prices, many have stopped mining BTC and ETH as it was no longer lucrative. Many miners now look into different consensus blockchains and smaller alternate coins.
Proof of Work consensus is used for both BTC and ETH. This type of consensus makes machines work hard to solve equations in an attempt to mine a block.
The power of the miner is quantified by how many equations it can solve which is called hashes. Each miner is competing against each other and there is currently a total of 972 Terahashes per second active on ETH and 193 million Terahashes per second active on BTC.
Due to the anonymous nature of the pools, we cannot determine where these cryptocurrency miners are located but we hope this kind of luck brought them life changing rewards. These types of events will continue to entice more miners into the industry which strengthens the level of decentralization of the network.