In the perpetual course that bitcoin miners are unleashing across the world, advantage usually bursts to those who are able to field the greatest artillery in terms of computing power. More from time to time, kind of like an indirect homage to Satoshi Nakamoto’s original vision at the founding of Bitcoin, the balance will rebalance in an instant. In doing so, she gives the advantage back to a Seoul individual who, on paper, seemed to have no chance (or nearly so). Illustration today with a chance that just made profitable are mining equipment 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 is notably guaranteed by strategic actors: its miners.
The latter thus engage in a course as permanent as it is strategic, a struggle where computing power (squeezed in Tera-Hash) serves as a weapon and the Hashrate as a battlefield.
As a result, the famous “block reward”, 6.25 BTCAt around $140,000 at the time of writing, the 10 minutes miner delivered, who will be the first to find the answer to an extraordinarily complicated algorithmic riddle.
In 2023, no one will be keen to learn that the timpani is most often won by functional actors in a “pool” (that is to say pooling their resources). And, the Holy Grail is even more and more often won by very differentiated companies, and even now listed on the stock exchange (which has not escaped the giant Black Rock which has entered the sector massively, before experiencing some disappointments).
But sometimes, this implicit rule of primera to the most powerful is thwarted by statistics, to the delight of a “small” miner, and this is precisely what happened a few days ago.
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When Bitcoin meets the fine Lotto
On average, you have a 1 in 20 million chance of hitting the Lotto jackpot. And, in the average state of the hashrate of the 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.
And yet this is what happened a few days ago to a (big) lucky guy who, from his only machine, capped 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, interest was thus the first to submit a valid hash, recovering 98% of the bet (the remaining 2% is kept by the pool of minors only in which it evolved). 6.20 BTC so (fees deducted), a nest egg worth $140,000 at the time of writing.
As exceptional from a strictly statistical point of view as the event is, it is not, however, a first in the recent past of bitcoin mining. In January 2022, it was even 2 solo miners who had already thwarted fate, and mathematics, by picking up the famous crypto-timpani.
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