In the perpetual race of bitcoin miners around the globe, the advantage usually goes to whoever can marshal the greatest artillery in terms of computing power. But occasionally, somewhat as an indirect homage to Satoshi Nakamoto’s original vision at the founding of bitcoins, the balance balances itself for a moment. In doing so, it gives the advantage back to a single individual who, on paper, however, seemed to have no (or very few) chances. Today’s illustration featuring a lucky guy who just made his mining equipment profitable for the next 30 years.
When Bitcoin looks good
You are an informed and accustomed reader of the Journal du Coin, you are aware that the exceptional robustness of the bitcoin network it is secured in particular by strategic actors: its miners.
The latter thus engage in a competition as permanent as it is strategic, a struggle in which computing power (expressed in Tera-Hash) acts as a weapon and the Hashrate as a battlefield.
As a result, the famous “block reward”, 6.25BTCapproximately $140,000 at the time of writing, delivered every 10 minutes to the miner who first finds the answer to an extraordinarily complicated algorithmic puzzle.
In 2023, no one will be surprised to learn that eardrums are most often won by actors operating in a “pool” (aka pooling their resources). And, the Holy Grail is increasingly won by highly structured companies, and even now listed on the stock exchange (something that has not escaped the giant Black Rock which has massively entered the sector, before experiencing some disappointments).
But sometimes, this implied rule of the most powerful bonus gets thwarted by statistics, to the delight of a “little” miner, and that’s just what happened a few days ago.
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When Bitcoin fines the Lotto
On average, you have a one in 20 million chance of hitting the Lotto jackpot. And, in the average state of the hashrate of bitcoin networkhowever, you have a statistically better chance of hitting the jackpot than of being the victorious miner in the block race, with a chance…in nearly 30 million or so.
Yet this is what happened a few days ago to a (big) lucky guy who, from his only car, closed the post for a moment – and a block – the entire global industry.
With only 0.000000037% of the total computing power of the Bitcoin blockchain, the interested party was therefore the first to submit a valid hash, recovering 98% of the bet (the remaining 2% is kept by the solo miner pool it was evolving into). 6.20 BTC therefore (fees deducted), a nest egg worth $140,000 at the time of writing.
However exceptional from a strictly statistical point of view the event is, however, it is not a first time in the recent past of bitcoin mining. In January 2022 there were even 2 solitary miners who had already thwarted fate, and mathematics, collecting the famous crypto-tympani.
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