A solo Bitcoin miner has independently solved a BTC block to earn a reward of three.275 BTC, roughly equal to $200,000.
On Aug. 29, Con Kolivas, a software program engineer and administrator of the solo mining pool ckpool, introduced on X that the miner had efficiently solved the 291st solo block in Bitcoin’s historical past. He congratulated the miner, stating:
“Congratulations to miner 36AisvWi1UiwLTeTZxLzindAkorqeUc3tT for solving the 291st solo block on solo.ckpool.org! This hefty miner with 38PH would solve a block on average once every ~4 months.”
Blockchain data confirms that the miner efficiently mined block quantity 858,978 on the Bitcoin blockchain, which included 2,391 transactions.
Centralization concerns
This achievement comes at a time when concerns concerning the centralization of Bitcoin mining are growing throughout the group.
Data from BTC.com reveals that 4 mining swimming pools—Foundry USA, AntPool, ViaBTC, and F2Pool—have produced about 80% of Bitcoin blocks over the previous three days, elevating alarms amongst group members.
Foundry USA and AntPool alone accounted for greater than 50% of the blocks mined by these swimming pools.
This excessive stage of centralization has raised concerns about the way forward for Bitcoin. Jameson Lopp, co-founder of CasaHODL, weighed in on the difficulty, explaining that Bitcoin mining centralization is a battle between economies of scale and the decentralized nature of power sources. Nevertheless, he stays optimistic that decentralization will finally prevail.
Notably, the dangers have been exacerbated by the current halving occasion, which lower block mining rewards in half. This discount has pushed many smaller miners out of the market, leaving the business dominated by publicly traded mining firms.
Bitfinex has warned that this focus of mining energy might result in potential censorship of transactions and elevated vulnerability to coordinated assaults or regulatory pressures. The agency acknowledged:
“This concentration of mining power among fewer entities could lead to increased centralization, which is contrary to Bitcoin’s ethos. Centralization risks could mean the potential censorship of transactions and increased vulnerability to coordinated attacks or regulatory pressures.”
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