Key Points
- A solo Bitcoin miner has earned a $263K reward using a relatively cheap mining rig.
- Bitcoin miners’ selling pressure has decreased in March, potentially aiding Bitcoin’s recovery.
A unique incident has occurred in the world of Bitcoin mining. A solo miner has managed to find a block and earn a reward of $263K. This was achieved using an inexpensive mining rig, which is quite a rare occurrence.
The Solo Miner’s Achievement
Con Kolivas, a developer at the solo mining pool used by the miner, described this as a “1 in a million chance”. This is because the miner was using a 480-Gigahash per second (GH/s) Bitaxe machine, a relatively small and inexpensive rig.
The miner was the 297th solo miner to find a Bitcoin block from the pool. The reward they received was 3.15 BTC, which is worth $263K. This amount includes both block rewards and transaction fees.
Miner Flows and Bitcoin’s Potential Recovery
In other news, the selling pressure from Bitcoin miners has decreased in March. On February 26th, a significant 21.6K BTC was sent from miner wallets. This selling pressure coincided with Bitcoin’s first dip below $90K.
The next significant miner sell-off occurred on March 10th, with 11.6K BTC being sold. This is about half of the amount that was sold in late February. With the reduction in miner pressure over the past two weeks, there may be room for Bitcoin to rebound.
The Miners’ Position Index (MPI), which measures whether miners are selling Bitcoin and its potential impact on the price, supports this outlook. The MPI was in an overheated area above 2 in late February, which corroborated the selling pressure that brought Bitcoin below its former range-lows of $92K.
At the time of writing, the MPI has recovered slightly. However, if it goes beyond 2 again, it could limit Bitcoin’s upside. Currently, Bitcoin is valued at $84K, which is a 10% increase from its recent low of $76K. There is, however, a resistance level at $85K.
