In an astounding turn of events, a Bitcoin mining device boasting a mere 500 gigahashes per second (Gh/s) managed to successfully mine a block on July 24th. This achievement is nothing short of remarkable considering the slim odds of 1 in 1.1 billion of accomplishing this feat approximately every ten minutes. The device in question, known as “Bitaxe,” is manufactured by D-Central Technologies and is surprisingly compact, being about the size of a human hand as showcased by the YouTube channel “How Much?”
The fortunate miner of Bitcoin block number 853742, which was mined on July 24th at 11:43 am UTC, was rewarded with a staggering sum of $206,000 in Bitcoin. This significant reward was based on the current value of BTC at the time. The data from the blockchain further revealed that a total of 2,652.36 BTC amounting to $176,896,079 were transacted in the block. On average, each transaction was worth 0.6093 BTC, equivalent to $40,636.53. Additionally, Solo CKPool, the node infrastructure service to which the Bitaxe device was connected, received a total reward of 3.13 BTC, totaling $208,751. This amount included an extra 0.0675 BTC paid as transaction fees from the 4,353 transactions included in the block.
To contextualize this extraordinary event, it is crucial to understand the broader Bitcoin mining landscape. According to data from the Bitcoin analytics platform CoinWarz, the total hash power of the Bitcoin network currently stands at an impressive 551.30 exahashes per second (Eh/s). This figure, which amounts to a staggering 551,303,337,631,415,300,000 H/s, is over 1.1 billion times higher than the hashing power of the Bitaxe device. Therefore, the likelihood of the device mining a block every ten minutes was an astonishingly slim 1 in 1.1 billion.
Bitcoin mining is renowned for being energy-intensive, with miners often grappling with substantial electricity costs irrespective of their success in mining a block. Solo mining, in particular, is akin to participating in a high-stakes lottery, where the financial risks are significant. However, for the individual who successfully mined a block with the Bitaxe device, the gamble unquestionably paid off in a big way.
The accomplishment of mining a block with a 500 Gh/s Bitcoin mining device underscores the unpredictability and excitement inherent in the world of cryptocurrency mining. The story of the Bitaxe serves as a testament to the extraordinary possibilities that exist within the realm of digital currencies.
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