The palm-sized Bitcoin micro-mining machine Bitaxe mined 6.5 million BTC! The chance of winning is only 1 in 1.1 billion

This site (120btC.coM): Bitcoin mining equipment retailer Altair Technology announced today (25th) that a Bitcoin micro-mining machine Bitaxe with a computing power of only 500Gh/s, on the 24th Successfully packaged a block on the same day, and obtained 3.19 Bitcoins (block reward + handling fee) worth approximately US$206,000 based on the current Bitcoin price: Congratulations to this miner, he is likely to be the first to use a computing power of approximately 500Gh Bitaxe mining machine, the person who mined Bitcoin blocks alone on the Solo CKPool mining pool!

On-chain data shows that CKPool dug out Bitcoin block 853742 at 7:43 pm on July 24, Beijing time, and the block was dug out by Bitaxe with a computing power of only 500Gh/s. This miner processed the This block of 4365 transactions was rewarded with 3.19 BTC.

What is Bitaxe Miner?

According to the official website, the Bitaxe series is produced by D-Central Technologies, a Bitcoin mining service provider, and sells for about US$135 to US$265. The mining machine is only about the size of a person’s palm. The device is connected to the node infrastructure service Solo CKPool Connection, CKPool claims on its official website to be a service that allows miners to mine alone.

There is only a 1 in 1.1 billion chance of mining

Bitcoin analysis platform CoinWarz data shows that the current total computing power of the Bitcoin network is 552.49Eh/s, which is equivalent to 552,490,000,000Gh/s, which is approximately the Bitaxe that mined this block 1.1 billion times the computing power of the device, which means that the device only has about a 1.1 billion chance of successfully mining a block approximately every 10 minutes (per block).

It can be seen that the probability of independent miners successfully processing blocks is extremely low, but this lucky event shows that independent miners still have the opportunity to obtain huge rewards from the Bitcoin network. The last time a similar situation occurred in April this year, a miner won a reward of US$218,500, but the equipment used by the miner had a computing power of 120Ph/s per second, or 120,000,000Gh/s, which is 240 times the computing power of Bitaxe.

Most Bitcoin miners will pool their computing power with other miners to form a mining pool, and distribute rewards evenly according to the computing power contributed by each miner. However, some Bitcoin enthusiasts are concerned that this approach will lead to the centralization of the Bitcoin network and promote solo mining as a possible alternative.

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