While bitcoin mining has become increasingly difficult and block rewards have dropped from 6.25 bitcoins to 3.125 bitcoins, a solo miner discovered block 841,286. Bitcoin’s Harsh Mining Climate Yields Treasure for One Solo Entity Mining bitcoin (BTC) has become significantly challenging, with the network’s difficulty reaching an all-time high of 88.10 trillion. This complexity, coupled […]
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What Lies Ahead for Crypto Now That the Fabled Bitcoin ETF Is Here? — Calaxy CEO Solo Ceesay
It finally happened. Well into the second decade of the digital assets revolution, we’ve finally witnessed the approval of the highly anticipated spot Bitcoin ETF. Dubbed by Michael Saylor as “the biggest Wall Street development in the last 30 years”, the launch of the spot Bitcoin ETF is the financial world’s first step toward ameliorating our highly archaic financial system. While there are countless explanations about how impactful the concept of decentralizing money would be for trade, commerce, and financial inclusion, what often goes overlooked are the philosophical and psychological implications of how we redefine wealth and who has it. Essentially, the introduction of the Bitcoin ETF could ultimately be regarded as the single most important catalyst in the widespread adoption and acknowledgment of cryptocurrency’s value in the long term since the conception of money.
The following is an opinion editorial written by Solo Ceesay Co-Founder and CEO of Calaxy, a next-generation social platform redefining the creator-fan relationship. Before co-founding Calaxy with his business partner, Brooklyn Nets star Spencer Dinwiddie, Solo held the position of Securitization Investment Banker at Citi after graduating from the Wharton School of Business.
What Is Money?
Before fiat money, most civilizations used barter and trade in the exchanging of goods and services. What those early civilizations found is that as transactions became more complex, it became more difficult to efficiently trade given transactions could often be out of balance.
For example, say an individual is looking to buy some cattle in exchange for some apples. For this transaction to take place, the person seeking apples must not only source cattle to purchase but also ensure that the seller values apples. What’s more, given there are endless items a person could in theory barter for and equally endless items a person could use as payment, it quickly became clear that bartering is inefficient, tiring, and time-consuming; thus, creating the need for a universal asset that could serve as the financial bridge for commerce and trade or as we call it today, money.
What Gives Money Its Value?
Simply put. Money is valuable because we as people give it value. If you were to ask the average person how ‘valuable’ the earliest forms of currency like beaver pelt and dried corn were, they’d likely look perplexed and question your sanity. This is further evidence that like most things, money’s value and what it means to us is a highly malleable concept that changes drastically depending on the time.
Society eventually moved on to a more refined bartering system that was built around precious metals despite it having real-world utility outside of its aesthetics. As the definition of wealth was established, society collectively enforced the ideology that the more gold you had the better off you were. Precious metals would go on to be what originally backed the fiat money we now use today. Over time, we saw many currencies debase from the gold standard in favor of the intangible trust in its issuing governing body – a migration that wasn’t met with its fair share of criticism. At the same time, it’s not all that different than what appears to be the next step in the evolution of money which is assigning value, wealth, and trust into currencies that have no single point of accountability or control, what we refer to as Decentralized Finance (DeFi). In essence, the development of Bitcoin and other cryptocurrencies is mankind’s attempt at creating a universal standard and public utility that creates endless opportunities for global trade and commerce ushering in once again a new wave of bartering only this time it’s online and it’s digital. We should view cryptocurrency as digital gold.
That said, the pain and friction we’re experiencing during this migration stems not from anything intrinsic to Bitcoin but rather, from humanity’s expected reluctance to change. When you think about it, human civilization has repeated this cycle time and time again.
So… What’s Next?
For the first time in Bitcoin’s history, institutions (and really anyone who doesn’t aspire to custody their own assets) now have a financial instrument that allows them to utilize Bitcoin as a store of value. Not only will this widely increase the accessibility of Bitcoin but it will also legitimize an asset that is often regarded as the financial backbone of organized crime and illicit activity.
While one could argue that the Bitcoin ETF has done wonders for legitimizing the asset as a reputable store of value on a global stage; much like bartering with apples for cattle, an ETF is still not a viable medium or bridge for trade and commerce. Despite the ETF solving why the broader investment community doesn’t have exposure to Bitcoin, transacting with and holding the asset is still significantly more difficult than the personal banking solutions that exist today. This in turn drastically increases the switching costs to a point where many won’t bother with the technology no matter its promise.
It should also be noted that these ‘switching costs’ vary depending on where a person might be located globally. For instance, people located in emerging markets might already see those ‘switching costs’ as negative given they might not enjoy the same benefits that those located in more developed nations enjoy.
Conclusion
After dozens of rejections, the launch of the Bitcoin ETF signals the next chapter in the ever-changing tale of digital assets. Just as society once accepted physical paper and coins as currency holding great value, we are now witnessing the emergence of the next chapter where digital currencies are becoming integrated into our lives. With the SEC’s ruling, Bitcoin represents a new opportunity for the masses to gain access to wealth, which was previously inaccessible. Those who couldn’t feasibly access measures of wealth in the past can easily access the digital gold that Bitcoin represents.
Following years of persecution, gaslighting, and placation, the powers that be have finally granted us the tools to take Bitcoin and the entirety of crypto to new heights both in terms of price action and broader adoption. It is mission-critical that the entire industry comes together to address the usability concerns that hinder Bitcoin’s ability to sufficiently serve as modern currency, to truly make real wealth available to anybody.
What do you think about the next chapter in the ever-changing tale of digital assets? Share your thoughts and opinions about this subject in the comments section below.
Big Names Talk Potential Impact of ETFs on BTC Price, Solo Miner Pulls Down Lucky Block Reward, and More — Week in Review
Global investment bank JPMorgan has noted that SEC approval of a spot bitcoin exchange-traded fund (ETF) could “put severe downward pressure on bitcoin prices.” Conversely, Standard Chartered Bank sees “price upside” related to such an approval from the United States Securities and Exchange Commission. In other news, a solo bitcoin miner has snagged a block reward with just 0.0004% of the network’s hashpower. This and more just below, in the latest Bitcoin.com News Week in Review.
JPMorgan: Spot Bitcoin ETFs Could Put ‘Severe Downward Pressure on Bitcoin Prices’
Global investment bank JPMorgan has cautioned that the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) could “put severe downward pressure on bitcoin prices.” The bank’s analysts estimate that billions of dollars could exit the crypto market after Grayscale Investments converts its bitcoin trust (GBTC) into a spot bitcoin ETF.
With Just 0.0004% of Bitcoin’s Hashpower, Solo Miner’s 2 PH/S Effort Secures Block Reward
On November 26, 2023, a stroke of remarkable luck befell a solo miner when they discovered block 818,588, verifying a total of 4,193 transactions. This achievement garnered the miner a total of 6.887 BTC, inclusive of the 6.25 BTC subsidy and transaction fees.
Standard Chartered Anticipates Bitcoin Reaching 0,000 Sooner Than Expected
Standard Chartered Bank has doubled down on its bitcoin price forecast of 0,000 next year with increased optimism on the timing. “We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of U.S. spot [bitcoin] ETFs,” the bank’s analyst described.
Blackrock Pushes to Use In-Kind Creation Method for Spot Bitcoin ETF: Report
Blackrock, the world’s largest asset manager, has reportedly pushed for using the in-kind creation method for its bitcoin exchange-traded fund (ETF), diverging from the cash creation model favored by the U.S. Securities and Exchange Commission (SEC). According to reports, Blackrock and other spot bitcoin ETF applicants recently met to discuss their applications with the SEC.
What effect do you expect spot bitcoin ETFs to have on crypto prices? Be sure to let us know in the comments section below.
With Just 0.0004% of Bitcoin’s Hashpower, Solo Miner’s 2 PH/S Effort Secures Block Reward
On November 26, 2023, a stroke of remarkable luck befell a solo miner when they discovered block 818,588, verifying a total of 4,193 transactions. This achievement garnered the miner a total of 6.887 BTC, inclusive of the 6.25 BTC subsidy and transaction fees.
Solo Miner’s Slim Odds Pay Off: Claims Bitcoin Block Reward With Mere 2 PH/s Hashrate
Echoing a similar event from the end of October, this miner, also affiliated with Solo Ckpool, successfully mined the block. Ckpool is designed to support independent miners, allowing them to retain the entire block reward, unlike other pools where rewards are shared.
Con Kolivas, the developer overseeing Solo Ckpool, remarked that this was the 279th block successfully mined by the pool. He noted the rarity of such an event, stating, “A miner of this size would solve a block on average only once every 5 years,” underscoring the miner’s extraordinary luck in this instance.
For context, the Bitcoin network’s total hashpower stands at approximately 488 exahash per second (EH/s), or 488 quintillion hashes per second. In comparison, the solo miner’s contribution of 2 PH/s, or 2 quadrillion hashes, represents a mere 0.0004% of the network’s collective hashpower, highlighting the improbability of their success.
What do you think about the solo miner discovering a block with such a small amount of hashrate? Share your thoughts and opinions about this subject in the comments section below.
Solo Bitcoin Miner Snags $200,000 Block Reward, How Did They Do It?
A solo Bitcoin miner has struck gold after successfully claiming a 0,000 block reward. The considerable achievement has captured the attention of fellow miners and crypto enthusiasts, highlighting the potential for lone miners to effectively compete with larger mining operations
Lone Bitcoin Miner Hits Jackpot
On October 28, a software engineer of Bitcoin CGMiner and an admin of Solo Ckpool, Dr. Con Kolivas congratulated a lone Bitcoin miner in an X (formerly Twitter) post for accomplishing a rare milestone by solving the 278th solo block at Solo Ckpool.
The lucky miner used 11 PH/s of hash power to discover block 814,308 and claimed a 0,000 (6.25 BTC) block reward.
“Congratulations to miner 3KCykmdpBpNKTtZJAvp3u2N2EQjGzbUF7c with ~11PH for solving the 278th solo block on solo.ckpool,” Dr. Kolivas stated.
Presently, large-scale mining operations and pools are dominating the Bitcoin mining industry. When blocks are discovered, these mining companies often share the rewards. In contrast, mining pools like Solo Ckpool offer lone miners a higher level of independence allowing them to earn almost all rewards when they discover a block.
This recent solo mining achievement has not been the only accomplishment this year. In August, a solo Bitcoin miner solved block 803,821, claiming 6.25 BTC worth 0,000. Multiple solo miners have also discovered substantial blocks and reaped significant rewards in the last few months.
The lure of solo mining pools is growing as many miners are looking to increase their chances of earning large rewards while reclaiming a sense of independence in the competitive Bitcoin mining market.
BTC Mining Hashrate On The Rise
Bitcoin Hashrate has continued to increase following the recent surge in the value of BTC. Earlier on October 12, the hash rate saw an alarming increase to 456 exahash per second (EH/s). Following this increase, the hash rate stabilized slightly dropping down to 443 EH/s sometime on October 28.
Despite the increased level of mining difficulties, hash rates are rising. Bitcoin hash rate is slightly back up today to 452.63 EH/s with an estimated difficulty adjustment of 12.78% and network difficulty of 62.46T. The average block time for mining is also approximately 8 minutes and 52 seconds.
In the past month, mining hash prices fell to significant lows, depicting the possibility of chain validators experiencing higher mining difficulties and pressure. Now, hash rates are on the rise and Bitcoin miners are taking advantage of these opportunities to increase their earnings.
Lucky Solo Miner With 11 PH/s Bags Bitcoin Block Reward Amid Giant Pools
Recent insights reveal that a solo miner successfully mined block 814,308 employing a mere 11 petahash per second (PH/s) of mining power. This feat was achieved through Solo Ckpool, a service for solo miners endowed with lower hashrates or older, less efficient hardware.
Solo Miner Finds Another Block in 2023; Unveils Unpredictable Vein of Bitcoin Mining
The realm of solo miners—entities mining bitcoin without the support of behemoth pools—has witnessed the discovery of several blocks this year. On October 28, 2023, Con Kolivas, a developer who manages Solo Ckpool announced that a lone bitcoin miner discovered block 814,308 wielding 11 PH/s of hashpower.
Unlike the colossal BTC mining pools that share the spoils of most of today’s block discovery, unique platforms like Ckpool are engineered to empower solo miners to carve their path independently. Although Ckpool boasts 3.1 exahash per second (EH/s) of hashpower, the scenario morphs when a solo miner strikes gold by mining a block.
Upon the successful mining of a block subsidy, the fortunate miner reaps 99% of the block reward, leaving other miners in the pool with empty hands. Just 72 days earlier, on the morning of August 18, 2023, Kolivas revealed that block height 803,821 had been mined by a solitary miner with only 1 PH/s of hashrate.
Kolivas further noted that a miner with 1 PH/s has a chance of success once every seven years to find a block, given the network’s difficulty. Despite the stroke of fortune, another miner found even greater luck in June, discovering block height 793,607 with only 17 terahash per second (TH/s) of mining power. At the time, Kolivas suggested the miner was likely using an old Bitmain S9 unit.
Besides small miners with low hashrates, solo entities with significantly more hashpower have been finding blocks without the assistance of large pools. In March 2023, a solo miner with 1 EH/s found block 782,845, and shortly thereafter, the same solo miner with 1 EH/s of hashpower located block 782,867. By employing techniques that enable solo miners to uncover lucrative block subsidies, these rare instances are occurring more sporadically.
The appeal of solo mining pools largely stems from the independence they afford to miners. The world of bitcoin mining is more random and unpredictable than commonly believed, with the discovery of a block not always correlating directly with a miner’s computational power. Often, it’s a game of chance, similar to a fortunate individual clinching victory with a single lottery ticket, compared to another who’s purchased multiple tickets to improve his odds.
What do you think about solo miners discovering blocks among the mining pool giants? Share your thoughts and opinions about this subject in the comments section below.
Diamond In The Rough: Solo Bitcoin Miner Secures $160,000 Block Reward
On August 18, a solo miner managed to solve block 803,821, securing a remarkable 6.25 Bitcoin block reward valued at 0,000. This is a very rare event as lone miners have a lower chance of mining a block due to the increase in mining difficulty and this solo miner became the 277th solo miner in bitcoin’s history to achieve this.
Solo Bitcoin Miner Makes History
The solo miner was able to pull off this remarkable achievement using the Solo CKpool mining service. The miner identified with the tag bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6 used an S17 Bitcoin Miner with a hash power of roughly 1 PetaHash which is way lesser than most BTC mining entities, as was speculated by Con Kolivas, the administrator of Solo CKpool.
Congratulations to miner bc1q2za4ejga366sn288273pty8trasn5zs4y9hqg6 with ~1PH of hashrate at solving the 277th solo block at https://t.co/UWgBvLkDqc! A miner of this size would only solve a block solo on average once every 7 years at current diffhttps://t.co/cNgm1KUqvw
— Dr. Con Kolivas (@ckpooldev) August 19, 2023
Perhaps the most interesting thing about this development is that the miner achieved this remarkable reward when mining difficulty was almost at an all-time high of 52.39.
Normally, mining Bitcoin with just 1 PetaHash seems impossible compared to other BTC solo miners that were able to pull this off in the past who had hash rate capacity in exa-hashes.
It is almost impossible for a solo miner to solve an entire block on their own, due to the increased popularity of BTC mining and the persistent rise in the network hash rate and powerful mining equipment.
BTC miners are required to input computational power to solve and add the next Bitcoin block to the network, which creates a valid block hash while using the computational power of multiple mining rigs.
However, since the miner was using the Solo CKpool, it allows miners with outdated or inefficient equipment to pool their mining power together, increasing their chances of solving a block, which is what happened here. In their case, this miner was able to retain 98% of the reward.
The miner now joins two other solo miners who have been able to achieve this impressive feat in March and June this year using a Solo CKpool and is the third time this is happening so far in 2023.
Rise In Hashrate Triggers Surge In Mining Difficulty
Over the last few months, the Bitcoin hashrate has been rising rapidly, eventually hitting an all-time high in July. In response to this, the mining difficulty surged quickly and touched its own ATH in the same month.
By July 8, the Bitcoin mining hashrate was at 538.05 EH/s and difficulty surged to 53.9112T a few days later on July 12. However, since then, it has tapered off with hashrate dropping 26% to 424.76 EH/s and difficulty dropping around 3% to 52.39T.
Nevertheless, both the Bitcoin hashrate and difficulty are significantly higher compared to the start of 2023, which makes the solo miner’s achievement even more impressive. However, as hashrate and difficulty continue to rise, such occurrences are expected to be fewer as miners with large hashrates dominate the market.
In the end, the winner is the Bitcoin network which becomes stronger for it with the increased hashrate. It is also beneficial to BTC investors as a rise in hashrate suggests there is more interest in the digital asset and this can convert to higher prices for the cryptocurrency.
Solo Climber: The Lone Crypto Surging 11% In Top 100 Roster On A Weekend
Injective (INJ) has defied the prevailing downward trend to secure significant gains. While most crypto assets experienced losses, INJ has emerged as the sole gainer among the top 100 cryptocurrencies. The cryptocurrency’s price climb comes as a welcome relief to investors navigating the tumultuous waters of the market.
As the cryptocurrency market grapples with a bearish start to the day, Injective (INJ) stands out with a remarkable performance. With a 10.7% rally in the past 24 hours and seven-day gains of 2.0%, INJ has managed to buck the trend and secure positive momentum.
Crypto market analysts and enthusiasts are keeping a close eye on INJ’s price movement, eager to see if it can maintain its upward trajectory.
A Bright Spot In A Sea Of Red
Market data from CoinGecko reports INJ’s current price at .82. A price analysis reveals that the cryptocurrency’s potential breakthrough of the .96 resistance level could trigger further upward movement, potentially setting the stage for a test of the next resistance at .50.
However, should the bulls fail to breach this critical level, a period of consolidation or a minor correction might be on the horizon for the crypto.
The technical analysis of INJ augments the optimistic outlook for the coin. TA indicators signal a bullish sentiment, with oscillators positioned at a ‘neutral’ level and moving averages aligned towards a ‘buy’ recommendation.
Injective (INJ): A Closer Look
This alignment of technical indicators suggests that INJ’s current performance is underpinned by robust market dynamics, reinforcing the notion of a potential sustained upward movement.
What adds more intrigue to INJ’s ascent is its well-timed tokenomics upgrade. The rise in INJ’s value aligns closely with the blockchain company’s release of a major tokenomics overhaul.
This upgrade includes a mechanism that increases the weekly burn rate of INJ through the Injective Token Burn Auction, effectively reducing the overall supply.
Additionally, the company has eliminated the limits on how much decentralized apps (dApps) can burn from their transaction fees. This move could potentially enhance the scarcity of INJ and contribute to its current price surge.
Amidst a market dominated by red, Injective shines as a beacon of positivity. Its remarkable gains, coupled with a bullish technical analysis and a well-timed tokenomics upgrade, have contributed to its standout performance.
As investors and analysts continue to monitor the market, INJ’s trajectory will be a focal point, revealing whether it can sustain its momentum and potentially pave the way for a trend reversal in the broader cryptocurrency landscape.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from National Geographic/Jimmy Chin
‘Bitcoin Rush’: Small-Time Solo Miners Strike Gold With Full BTC Blocks
Small-time bitcoin miners are making headlines for essentially hitting the jackpot by mining full blocks all on their own. In what has become a modern-day ‘gold rush’, bitcoin enthusiasts are now taking to booting up small USB miners will tiny hash rates to try their luck in what is eerily similar to buying lottery tickets. Among the miners who have rushed to this, a few have hit the ultimate prize.
Solo Bitcoin Miner Gets Full Block
In an unlikely event, a solo miner was able to mine a full bitcoin block with a low hash rate. This was made public by Dr. Kolivas, a software engineer that contributed to the development of the Cgminer. He revealed that the solo bitcoin miner had been able to solve a full block by themselves using only 86TH. This took place at a block height of 270,175.
Congratulations to another miner with approximately 86TH solving a solo block on https://t.co/UWgBvLkDqc ! There are a lot more miners now on the solo pool and if enough people are mining solo, someone will eventually be the lucky one as here. https://t.co/Hqte2achR4 pic.twitter.com/0ZT635LicD
— Dr. Con Kolivas (@ckpooldev) January 24, 2022
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The miner who is part of a mining pool that allows solo miners pool their hash rates together to increasing their chances of solving a block was able to get the full block reward after solving. The miner had gotten the full block reward of 6.25 BTC, netting them a total of more than 0,000 at current prices, in addition to the transaction fee paid to the block miner.
With such low computational power as the one possessed by this miner, it makes it near impossible for them to be able to mine a block by themselves. They would not be the first to get lucky.
Two weeks ago, another solo miner from the same mining pool had hit the same jackpot, mining a block and earning the full block reward plus transaction fees.
The BTC Rush
One thing about proof of work mechanisms is the high computation power required to mine bitcoin blocks. As more players enter into the mining space, armed with millions of dollars in institutional backing, being a small-time miner is nearly unprofitable. This is why mining pools like the ckpool exist.
BTC recovers above ,000 | Source: BTCUSD on TradingView.com
In these pools, solo miners are able to bring their low computational power together to increase their chances of finding a block. Dr. Kolivas explained that while this miner had fluctuated in their mining power, they were able to solve the block with only 8.3 terahashes.
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Laying out the math, he explained that by pooling their hashes, miners were able to increase their chances of solving a block to a 1 in 5 chance or a 20% chance. As more miners join the pool, the chances to go solve a block go up. In a reply to another user, Dr. Kolivas explains that if the current hashrate were to increase by 4, then the chances of mining a block jump to 63%.
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Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block
A solo Ethereum miner has just gotten what could be described as the lucky break of a lifetime after mining a single ethereum block that netted them a reward that ran into the hundreds of thousands of dollars. While ethereum’s mining difficulty is not as high compared to bitcoin, it is still a difficult, energy and computationally intensive process that discourages the average person.
However, a lot of solo miners remain in the ethereum ecosystem and continue to make a profit from their mining activities. Although not all of the miners get to mine a single block that delivers a reward with life-changing money. Such is the case of the solo miner in this report after solving a block that netted them about 170 ETH in rewards.
Ethereum Miner Gets Over 0K Reward
A report from BeInCrypto outlined the activity of a solo ethereum miner that saw an incredible block reward go to the miner. The miner who had found a block and then proceeded to mine it independently got a total of 170.65 ETH in rewards for this. The value of the ETH at the time it was rewarded was roughly 0,000 in rewards which went to this miner.
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Compared to the average reward per block mined in ethereum which is about ,000, this is no doubt an impressive win for the miner, who has received what is no doubt one of the highest block rewards on the network.
ETH price trading south of ,000 | Source: ETHUSD on TradingView.com
Mined on Monday January 17th, the miner got the spoils of their victory in a block that contained 236 transactions, all mined by a solo miner in about 9 seconds. Finding and mining a block like this on the ethereum network is hard and grows increasingly harder as more miners set up operations. Finding one with a block reward of more than 170 ETH is even more unlikely, making this akin to winning the lottery on the part of the miner.
Following With Bitcoin
Although it can be difficult for a solo miner to find and mine blocks all by themselves, receiving the full reward, it is not unheard of that small-time miners have claimed such coveted reports. This happens across various blockchains and ethereum is no exception.
Related Reading | American Rapper Lil Baby On Holding Bitcoin And Ethereum Over Fiat
Bitcoin, which features arguably one of the highest mining difficulties, has seen events like these take place. Last week, Bitcoinist reported that a small-time bitcoin miner had beaten the odds to mine a block all by themselves. This netted them the entire block reward of 6.25 BTC, as well as the transaction reward. In total, the miner made over 7,000 from that single block mined.
The same had also occurred a year prior where Dr. Kolivas, a software engineer that helped develop the CGMiner, recalled that a small-time miner with a low hash rate had also been able to mine a block by themselves and received the full block reward.
Featured image from Zipmex, chart from TradingView.com
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