A Bitcoin mining device with a hashrate of just 500 gigahashes per second (Gh/s) mined a block on July 24, according to a post on X from Bitcoin mining equipment retailer Altair Technology. This block is worth approximately $206,000 based on current Bitcoin prices.
The post reads: “Congratulations to the Miners who has likely mined the first solo BTC block using Bitaxe on @ckpooldev with a hash rate of ~500 Gh!”.
This device called “Bitaxe” manufactured by D-Central Technologies, is roughly the size of a human hand, as the YouTube channel “How Much?” said.
The device is said to have connected to the CKPool Solo node infrastructure service when it successfully mined the block.
Blockchain data shows that Bitcoin block number 853742, mined at 11:43 a.m. UTC on July 24, was created by CKPool. According to Altair, this same block was mined by the 500 Gh/s Bitaxe device.
The current total hashing power of the Bitcoin network is 552.49 Exahashes per second (Eh/s), according to Bitcoin analytics platform CoinWarz. This number is equivalent to 552,490,000,000 Gh/s or approximately 1.1 billion times the capacity of the Bitaxe device that mined this block. This implies that every ten minutes or so, the device has a 1 in 1.1 billion chance of mining a block.
Bitcoin miners still consume electricity even when they fail to successfully mine a block, which the operators have to pay for with their own currency. For this reason, Bitcoin mining alone is often compared to the lottery. But for this particular solo miner, the decision to participate appears to have paid off.
A solo Bitcoin Miners also mined a block in April. However, that operator used a device with a capacity of 120 petahashes per second (Ph/s) or 120,000,000 Gh/s, a factor of 240. times the processing capacity of Bitaxe.
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