Solo Bitcoin miner beats the odds, scoring a $310k jackpot on a single block

• A solo Bitcoin miner successfully mined one block with a $307,000 reward 
• The solo miner defied the odds, given that Bitcoin’s mining hash rate has increased significantly over the past year 

A solo Bitcoin [BTC] miner has defied the odds after mining one Bitcoin block valued at $307,000.

Block 883,181 was mined by this solo miner on 10th February, and it contained 3.158 BTC per mempool. 

Given the high computing power that is needed to mine Bitcoin, it is rare for solo miners to earn block rewards against large mining pools and companies.

However, this miner, whose identity remains unknown, is beating the odds, given that the address appears to have mined another block in late January. 

Source: mempool.space

According to Marshall Long, this miner might be using the Bitaxe mining device. This device is ideal for solo miners looking for high computational power to increase their odds of successfully getting block rewards. 

Analyzing Bitcoin’s rising hash rate 

Bitcoin’s hash rate is the computational power needed by miners to mine blocks, and therefore secure BTC rewards. On the 2nd of February, the hash rate hit a record high of 992 exahashes per second, according to Bitinfocharts.

It has since dropped to 752 exahashes per second. 

Source: BitInfoCharts

A rising hash rate shows that more miners are joining the network, increasing the mining difficulty. This spike comes barely one year after the Bitcoin halving event that slashed block rewards.

The rising hash rate amid low rewards makes it challenging for solo Bitcoin miners to become profitable.

However, in recent months, there has been an uptick in solo miners mining BTC. In December, user Vivek reported on X (formerly Twitter) that one miner mined an entire Bitcoin block for a $311,000 reward.

In late January, another solo miner also secured a $326,000 reward

Are Bitcoin miners selling? 

Miners tend to sell their coins to meet operational costs. However, a surge in miner inflows to exchanges could cause downward pressure on the price. 

According to CryptoQuant, miner netflows have flipped negative and dropped to the lowest level in one month, This indicates that they sold more coins than they produced. 

Source: CryptoQuant

Bitcoin, at press time, was trading at $96,325 after a 2% drop in 24 hours.

If miners continue to sell, it could exert downward pressure on the price that could hinder the king coin’s ability to reclaim the $100,000 psychological level.