Solo Bitcoin miner earns $263,000 with pocket-sized rig

A lone Bitcoin (CRYPTO:BTC) miner achieved a rare feat by solving block 887,212 using a compact, open-source Bitaxe mining rig, earning approximately $263,000 in rewards.

The miner’s success highlights the decentralised nature of Bitcoin mining, where individual efforts can still compete against industrial-scale operations.

The miner, part of the solo.ckpool mining pool, utilised a Bitaxe device capable of 480 gigahashes per second (GH/s).

For comparison, large-scale mining firms often employ machines with hashing power exceeding 230,000 GH/s.

Con Kolivas, the pool’s developer, noted that the odds of such a small miner solving a block are less than “1 in a million per day,” making this achievement extraordinary. 

The reward included 3.125 BTC from the block subsidy and an additional 0.025 BTC from transaction fees.

The Bitaxe device used for this operation is priced at around $158 and typically generates minimal annual profits due to its low power output.

Despite its limitations, the device’s open-source design allows users to modify and optimise its components, reflecting Bitcoin's ethos of decentralisation.

Jonathan Bertrand, CEO of D-Central Technologies, emphasised the significance of this event: This proves pleb miners can still win against giants. Decentralisation is alive.

D-Central manufactures smaller-scale mining devices like the Bitaxe and advocates for distributing mining power among individuals to counter centralised operations.

Bitcoin solo mining is often compared to a lottery due to its low probability of success.

However, this achievement has reignited discussions within the crypto community about the viability and appeal of solo mining.

Platforms like Reddit and X have seen increased engagement on the topic, with enthusiasts praising the event as a testament to Bitcoin’s decentralised infrastructure.

As accessible mining technologies like Bitaxe continue to evolve, they may encourage more individuals to participate in at-home mining

Such developments could further diversify Bitcoin’s hash power and strengthen its decentralised network structure.

At the time of reporting, the Bitcoin (BTC) price was $81,650.06.