More solo Bitcoin miners are celebrating block wins on social media as interest in hobbyist rigs rises. Recently, a solo miner processed a block, earning a 3.125 BTC reward, translating to approximately $259,637, which is just one instance among several solo achievements in recent months.
Solo mining—where miners work independently or with a small group—has seen a slight uptick in success, albeit not dramatically. According to Scott Norris, CEO of Optiminer, it remains akin to playing the lottery. The Solo CKPool, a platform for anonymous miners, reported a rise from seven blocks mined in 2022 to twelve in 2023, and then to sixteen in 2024.
However, solo block mining doesn’t always mean individuals are mining with low resources; many observers have misconstrued this notion. Mainstream mining is largely dominated by major pools, such as Foundry, AntPool, and F2Pool, where miners collaborate, share resources, and divide rewards.
As Bitcoin’s network has expanded, the need for robust resources and power has grown, giving rise to industrial mining businesses. Some Bitcoin purists argue this centralization undermines Bitcoin’s ethos, which advocates for decentralization.
Affordable hobby mining rigs like Bitaxe and FutureBit Apollo—priced between $200 and $500—are becoming favorites among Bitcoin enthusiasts. In a notable instance, a FutureBit Apollo was able to process a block, thanks to hash rate donations from other machines, supporting the push to democratize access to Bitcoin mining.
Despite the slim chances of success, the increase in hobby miners may be contributing to the recent visibility of individual wins. Econoalchemist, a pseudonymous miner, noted that it is becoming more common for small devices to successfully process blocks at home.
Even mining equipment retailers, like Solo Satoshi, acknowledge the low odds of success with basic machines but emphasize the goal of decentralization over monetary gain. Matt Howard, founder of Solo Satoshi, asserted that the primary objective is to support a decentralized network, with the rewards being secondary.
This trend highlights a growing interest in maintaining a decentralized approach to Bitcoin mining amidst the rise of larger industrial operations.
________
At Crypto Dummies, we strive to demystify the complexities of the cryptocurrency world for enthusiasts of all levels. Through insightful articles, guides, and analysis, we cover topics ranging from blockchain technology to market trends and investment strategies. Stay informed and empowered with Crypto Dummies – your go-to source for accessible crypto knowledge.