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Tiny Bitcoin miner defies massive odds to solve a valid block

January 12, 2022 Coin Telegraph

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Despite having a modest hashrate capacity of about 126 TH/s, the lucky miner won the crypto equivalent of the lottery and took home 6.25 BTC worth about $266,000.

A single Bitcoin miner from the Solo CK mining pool has defied the odds after successfully adding a new block on the Bitcoin blockchain, taking home 6.25 BTC ($266,000) for their efforts.

The lucky miner, who may have been mining on just one or two machines, solved a block with their modest hashrate capacity of 126 TH/s. According to a Jan 11 tweet from Solo admin, Dr. Con Kolivas it’s equivalent to about 0.000072% of the total Bitcoin (BTC) network hashrate — which is 175,000,000 TH/s (175 EH/s).

Bitcoin mining expert and member of the Bitcoin Mining Council (BMC) Hass McCook told Cointelegraph that he has never heard of anything like it, adding that “to say this is very rare is an understatement.”

“Usually, having 0.000072% of the hashrate means that, on average, Solo CK will win 0.000072% of the blocks, or, about 1 in 1,400,000,” he explained.

“Everything in Bitcoin is probabilistic, even transaction settlement. The more confirmations you have on your tx, the less likely it will be reversed.”

According to McCook, the miner could’ve been using a single machine. “The Antminer S19 is a 110TH/s machine, so Solo CK could have even been mining with just one overclocked rig! More likely it was 5 or 6 Antminer S9 units. Either way, it could very easily be a home miner,” he said.

A machine’s hashrate refers to how many hashes, or mathematical equations, it can solve per second. On average, a new BTC block is mined every ten minutes. Dr. Con Kolivas estimated the chances weren't quite so high, with a 1 in 10,000 chance of finding a block per day with that hasbut added the miner probably wouldn’t repeat the feat.

“For the miner involved it's a once in a lifetime chance,” Kolivas wrote.

“It's usually larger miners that solve blocks statistically but there is no reason even the smallest miner can't solve one.”

He noted a small miner in his pool had solved a block about one year ago.

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Bitcoin miner Greenidge set for Nasdaq listing through merger

September 14, 2021 Coin Telegraph

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The merger is expected to push through as of market close on Sept. 14, with Greenidge slated to begin trading on the NASDAQ the following day.

Bitcoin mining and power generation company Greenidge is set to complete a merger with customer and technical support solutions provider Support.com to become the latest publicly listed mining firm.

Once the merger transaction is complete, Support.com Inc. will become a wholly-owned subsidiary of Greenidge Generation Holdings Inc. The new entity’s Class A shares will trade under the ticker GREE.

According to a Sept. 13 announcement published by the SEC, the merger is expected to become effective by market close the following day. The merger, settled as a stock-for-stock transaction, will see each share in Support.com Inc. automatically converted into the right for its bearer to receive 0.115 Class A Greenidge shares. Greenidge CEO, Jeff Kirt, stated:

"This merger is an important next step for Greenidge as we build upon our existing, integrated and proven platform for Bitcoin mining and generation of lower carbon affordable power."

According to a March 22 statement that first announced the planned merger, Support.com will also provide Greenidge with $33 million in additional cash.

"This transaction will build upon Greenidge’s successful business by providing them with additional cash funding and a public currency to fund their growth plans, as well as important new capabilities including customer interface, security software, and privacy expertise,” said Support.com's president and CEO, Lance Rosenzweig.

Upon completion of the merger, Kirt will lead the combined company as CEO. Rosenzweig, will remain in his position as CEO of the existing Support.com business, which will continue to operate in the ordinary course as a wholly-owned subsidiary of Greenidge.

In July, Greenidge announced its commitment to become a 100% carbon-neutral Bitcoin mining operation by purchasing voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects.

The firm also aims to utilize low-carbon sources of energy at its facility in Upstate New York, and offset the carbon footprint of its new South Carolina plant by sourcing electricity from zero-carbon sources.

US Bitcoin mining giant Core Scientific set for Nasdaq listing via $4.3B SPAC deal

July 21, 2021 Coin Telegraph

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The Bitcoin miner will merge with Power & Digital Infrastructure Acquisition Corp in the latest crypto SPAC deal.

Core Scientific, one of the largest Bitcoin (BTC) mining operations in North America is set for a public listing on Nasdaq.

According to CNBC on Wednesday, Core has inked a $4.3 billion merger with Power & Digital Infrastructure Acquisition Corp — a special purpose acquisition company (SPAC). Apart from the planned valuation, other listing details like trading ticker and the start of actual public trading are yet to be revealed as of the time of writing.

The SPAC merger and subsequent Nasdaq listing will see Core join the ranks of fellow publicly-traded Bitcoin mining companies in the United States like Riot Blockchain and Marathon Digital.

Core CEO Mike Levitt revealed in an interview that the company had mined over 3,000 BTC since the start of 2021 with the firm holding 1,683 Bitcoin, currently valued at $53 million as of the time of writing.

The company reportedly earned $60 million in revenue for 2020 and is projecting an eight-fold increase in 2021. Indeed, North American miners are banking on the crypto mining disruptions in China to increase their earnings in 2021.

Levitt also described the company’s mining infrastructure framework as “unparalleled,” stating that Core holds over 70 patents in blockchain-related patents.

Operating out of locations in the Midwest and Southern United States, Core’s possible $4.3 billion valuation will put the firm at double the market capitalization of other rivals like Marathon, and Riot Blockchain.

With Bitcoin mining stocks continuing to remain a useful way to gain indirect BTC exposure for some institutional investors, several miners are electing to go public. This trend has also contributed to an increase in crypto-related SPAC deals and direct listings.

Back in March, Bitfury’s U.S. Bitcoin miner subsidiary Cipher Mining announced a $2 billion SPAC merger with Nasdaq-listed Good Works Acquisition Corp. As previously reported by Cointelegraph, Aussie Bitcoin miner Iris Energy is also looking to raise $200 million ahead of a planned Nasdaq listing.

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