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A miner using a single machine to solve a bitcoin block at peak difficulty

Despite the increasing difficulty, a home miner likely used a single Antminer S9 machine to beat industrial miners to solve Bitcoin (BTC) transaction block 793607 last Friday.

With the cryptocurrency industry hemorrhaging, most investors are looking for a bit of good news to hold onto. However, the mysterious individual bitcoin miner whose activism paid off may not be at the right time.

Bitcoin Mining: A lone miner wins the jackpot

The miner had a stroke of luck that made him earn 6.175 bitcoins for solving in about 10 minutes a block that would statistically take 450 years to mine. The profit earned him a respectable return of $160,000 on his original investment.

It seems increasingly unlikely that recent bearish crypto conditions will affect crypto investments directly.

The unexpected gain comes amid Bitcoin’s peak difficulty

Bitcoin mining difficulty has reached record levels in recent weeks which means the odds have been significantly opposing Friday Miner.

The growing competition among miners has seen a steady increase in the hash rate in recent weeks. Bitcoin founder Satoshi Nakamoto predicted that the difficulty of mining will increase as new miners join the network.

The Bitcoin network adjusts the difficulty to prevent miners from solving blocks too quickly.

Bitcoin Difficulty vs. Price | source: Blockchain.com

The statistically greater difficulty prevents individual miners from guessing the block hash. The number of individual miners able to guess the hash has decreased in recent years.

Do you want to know how to start mining cryptocurrency? Read our guide here.

In roughly the past decade, it has been responsible for only 0.003% of solved blocks. You would have to go back to January 2022 to find two days in a row when individual miners correctly solved a block.

It appears that last Friday’s lucky winner decided to keep his bitcoin instead of moving it to another address.

For the latest Bitcoin (BTC) analysis from BeInCrypto, click here.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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