In a rare and remarkable feat, a solo Bitcoin miner has successfully mined a block on the Bitcoin network, earning a reward worth 3,275 BTC, or $200,000.
According to blockchain data, the lucky miner mined block number 858,978 at 19:21, earning $199,094 worth of Bitcoin for his efforts.
The block, which contains 2,391 transactions, highlights the increasingly competitive and challenging nature of Bitcoin mining. Mining involves processing blocks on the Bitcoin network, which are part of the blockchain, a secure and transparent ledger filled with transaction data that records all Bitcoin transactions. In return for processing these blocks, miners receive newly mined Bitcoins as a reward.
However, mining Bitcoin has become more difficult over the years as the network has expanded and security has tightened. The rewards for mining have also decreased. In April, Bitcoin’s quadrennial halving event reduced the block reward from 6.25 Bitcoin to 3,125, making it even harder for miners to earn significant rewards.
*This is not investment advice.