Solo Miner Turns $75 into $200,000 Bitcoin Block Reward Using Rented Hashrate
Summary
An independent miner recently achieved a remarkable feat by turning $75 into a $200,000 Bitcoin block reward through rented hashrate. This rare success highlights the potential for hobbyists to participate in Bitcoin mining without significant investment, despite increasing network difficulty.
Key Insights
What is rented hashrate and how does it enable solo mining?
Rented hashrate allows individuals to lease computational mining power from others' hardware via online platforms, selecting specific hashrate amounts, duration, and cryptocurrency, without owning equipment. This enables solo Bitcoin mining by providing the necessary high hashrate temporarily to attempt finding a block independently and claim the full reward.[2][3]
What are the odds of successfully solo mining a Bitcoin block with rented hashrate?
The probability depends on the rented hashrate relative to the total network hashrate; even with significant power like hundreds of TH/s, success is rare due to network difficulty around 80-100 T and competition from massive pools, making it a high-risk lottery-like endeavor despite potential full rewards of about 3.125 BTC (~$200,000).[1][4][5]