Solo Bitcoin Miner Receives 222000 Reward

Coin World News Report:
Solo Performance
Bitcoin
Miners seem to have had a good year, despite the increasing difficulty of mining digital currencies.
On Thursday, an individual miner managed to process a block on the largest cryptocurrency network, earning a total of 3.329 bitcoins, worth $222,438 as a reward.
Blockchain data shows that the block contained 3,285 transactions and was processed at 4:18 a.m. Eastern Time.
Bitcoin mining is an energy-intensive process of processing blocks on the cryptocurrency network. Blocks are filled with transaction data and are part of the Bitcoin blockchain, which is an almost impenetrable ledger and one of the most secure computing networks on Earth.
When a block is processed, miners receive newly minted coins: a fixed reward of 3.125 BTC, as well as transaction fees paid by users of the network during a specific block window.
In the past, almost anyone could participate in the mining process and mint new coins at home. However, with the growth of the network, mining difficulty has significantly increased. Mining operations are now typically carried out by large companies with warehouses and consume a large amount of electricity.
Bitcoin mining became even more challenging in April when the network experienced its once-every-four-years halving: an event embedded in the network’s code that reduces miner rewards.
Miners now have to work harder and earn fewer bitcoins. Prior to the halving event in April, miners received 6.25 bitcoins per block they processed. Prior to that, the reward was 12.5 bitcoins, and before that, 25 BTC. When the Bitcoin blockchain was first launched in 2009, the mining subsidy was 50 bitcoins.
While miners receive fewer bitcoins every four years, they are able to sustain their operations and stay in the game because the value of cryptocurrencies has flourished since the network’s inception. Since the first halving of Bitcoin in 2012, the price of Bitcoin has risen by 548,604%, currently standing at around $67,650.
However, there are indeed independent miners who occasionally, albeit rarely, may get lucky and process a block on their own.
So far this year, solo miners have had their individual matches on Thursdays in April, July, August, and September.
Editor: Andrew Hayward