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Bitcoin miner secures reward of $266K after adding a block to the network

Only with a hash rate of just 126 terahertz per second (TH/s) a single Bitcoin (BTC) miner successfully add a new block to the Bitcoin network, offering a block reward of 6.25 BTC, at current exchange rates, Valued over $266,870. The miner is part of an orphan mining pool called Solo CK, which ranks 15th on the list of Bitcoin mining pools with a total computing power of 410.96 petahashes per second (PH/s), corresponding to 0.23 % community share, according to BTC.com. 

Tera hashes per sec are one trillion hash calculations computed in one second. Whereas 1 Petahash, is   (one quadrillion) hashes per second.

 

Solo CK miners

 

The Bitcoin mining process rewards the miner with one Bitcoin after successfully validating a block. 

 

The miner also pay a transaction fee of 0.1 BTC ($ 4270). Miners compete with their peers to reset the hash value generated by a cryptocurrency transaction, and the first miner to crack the code can add a block to the ledger and receive a reward. Mining pools allow miners to pool their computing resources to increase their chances of finding and mining blocks on the blockchain.This is done so that are all bitcoinsare mined, miners will still have an incentive to process paid transactions.    

 

 

 Block reward in mining 

The block reward is an incentive for the miner to support the blockchain technology at the heart of cryptocurrencies. For this reason, peers on the network can easily check if certain blocks are valid and if the miners who verified each block successfully resolved the hash to receive a reward.

 In the meantime, new coins are being generated to reward miners for their work in keeping the network secure. Once the miners unlock this amount of bitcoins, the supply will be depleted.    

This is the process by which a miner trades his computing power and electricity for block rewards. The reward will be halved every four years until the last Bitcoin is mined.

 Professional miners with the best rewards are constantly exploring the space and optimizing their mining strategies to improve their performance. If the mining pool is successful, the reward will be distributed to the entire mining pool in proportion to the number of resources each miner contributes to the mining pool.

 In fact, as the year 2140 approaches, miners will likely spend years earning a reward, which is actually only a tiny fraction of the ultimate bitcoin to be mined. The reward for solving blocks (e.g. 25 BTC) is adjusted depending on the time horizon according to the Bitcoin protocol. 

 

Conclusion 

Hence, USD 266,870 in Block Reward is  Secured By Solo Bitcoin Miner With Only 126TH. The bitcoin mining process provides miners with a bitcoin reward, but the amount of the reward is periodically reduced to control the circulation of new tokens.

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