A single Bitcoin miner successfully mined block 860749 on Tuesday, beating out multiple powerful mining pools and receiving a reward of $181,000.
Bitcoin blocks are typically produced every 10 minutes and are often mined by pools, which combine computing power for a better chance of receiving the block reward.
Currently, the reward for mining a block is 3.125 Bitcoin after a halving event earlier this year.
Historically, solo miners have had limited computing power compared to mining pools. However, newer rigs such as BitAxe claim to offer 500 Giga Hashes per second (GH/s) for solo mining.
Despite this, solo mining is still comparable to winning a lottery due to the high network hashrate and difficulty caused by institutional miners with significant computing power competing for the same rewards.
