Solo Bitcoin Miner Solves One Full Valid Block as BTC Price Pushes for Gains

The king coin has seen its own share of ups and downs, well mostly downs since the beginning of this year.

After massively rallying at the beginning of Q4 2021 Bitcoin’s trajectory took a turn for the worse after setting a new all-time high of $69,000. With BTC’s price on a roller coaster ride, Bitcoin miners and their profitability became shaky. 

However, positive news uplifting BTC’s narrative keeps popping up. On February 1, hope rekindled for Bitcoin Miners as approximately $240,000 reward, or 6.25 BTC, was generated by yet another solo miner. 

Miners Back Stronger

Con Kolivas, a Bitcoin software engineer and administrator for CKPool revealed that a whale solo Bitcoin miner with a whopping 1.14 petahashes per second (PH/s) of computing power solved a valid block on Tuesday. He further highlighted that this time, the odds were less than 20%. This also marks the fourth ‘blockfind’ for the CKPool since January 11.

Congratulations to a miner with 1.14PH who solved the 264th solo Bitcoin block at https://t.co/UWgBvLkDqc ! https://t.co/5BsWlYkYJt There was once again ~20% chance that one of the miners at the pool would have solved a block by now. pic.twitter.com/NrlAbhhKCk

— Dr. Con Kolivas (@ckpooldev) February 1, 2022

The miner belongs to the Solo CKPool, a service that offers anonymous solo Bitcoin mining with a decided fee. At 1.14 PH/s, the miner is called a ‘whale’ miner, since it has a considerably decent hash rate for one single set-up.

It is essential to note that a new Bitcoin block is solved approximately every 10 minutes by different miners competing against the Bitcoin network hash rate. At press time, United States Bitcoin miners Foundry is currently the largest contributor to the network hash rate, with 33,803 PH/s.

At the time of writing, the BTC hash rate which is the average estimated number of hashes per second produced by the miners in the network was recovering from the recent drop. BTC hash rate had fallen on January 27 but with Bitcoin price holding relatively the hash rate charted a recovery. 

Miner Accumulating?

Miner metrics are crucial to Bitcoin’s larger sentiment and with price candles turning green BTC miners started to turn bullish too. Notably, BTC Miners’ Outflow Volume (7d MA) reached a 7-month high of 82.672 BTC on February 1. 

Miner outflow indicated investor confidence returning back to the Bitcoin market. Bitcoin at the time of writing traded at $38,900 noting 2.44% daily and 5.58% as the market anticipated a BTC bounce above the crucial $40,000 mark.

That said, the global crypto market cap stood at $1.78 trillion, noting a 2.97% increase over the last day.