Is Solo Bitcoin Mining Making a Comeback?
While you probably missed out on the chance to mine Bitcoin (BTC) on your laptop in the early years of Bitcoin, there’s good news for those who still want to get into at-home mining. Stories have emerged of solo Bitcoin miners finding new blocks to receive block rewards.
Read on to learn more about solo Bitcoin mining and how it is seemingly making a comeback.
Before we dive into solo Bitcoin mining, let’s quickly recap what Bitcoin mining is and how it works.
Early days of BTC mining:
Bitcoin mining can be done alone (as a solo miner) or by joining a mining pool. Mining pools enable miners to pool together their computational power to increase the chances of winning block rewards. Block rewards are the proportional split among all pool participants.
Most Bitcoin miners take part in mining pools. However, there are also those who prefer to try their luck as solo miners.
Solo mining (as the name suggests) refers to mining Bitcoin (or any other proof-of-work (PoW) cryptoasset) alone without joining a mining pool.
Unlike pool miners who contribute their computational powers and resources to mine Bitcoin, solo miners don’t rely on any other party to mine. Rather, they discover blocks by connecting their mining devices to their bitcoin wallets, and that’s it.
If a solo miner then manages to have “insane luck” and find a new block, they will earn the entire block reward, which may mean life-changing money for the lucky individual. However, to stand a chance at finding a new block, solo Bitcoin miners typically require a substantial at-home mining setup to have enough hash power to compete. Moreover, the Bitcoin network’s mining difficulty also plays an important role in the likelihood of winning a block reward.
Solo mining is
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