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Hundreds of Dollars Turned into 260,000, Independent Miner Frequently "Hits the Jackpot," Is Mining the New Gold Rush?
Original Article Title: Solo Bitcoin Miners Are Winning More Blocks Lately—What Gives?
Original Article Author: Mat Di Salvo, Decrypt
Original Article Translation: Lila, BlockBeats
Last week, another solo Bitcoin miner successfully mined a block and received a reward of 3.125 bitcoins (including transaction fees), worth nearly $260,000. This is just one of several recent instances where independent miners have struck it rich.
So, was this miner just lucky? Is solo mining becoming more common? Can an average person with a basic mining rig challenge the large mining farms with their relatively modest hashing power?
The answers vary. While recently there has indeed been an increase in the number of blocks mined by "solo miners" (here referring to individual enthusiasts or some low-profile small mining groups), the growth has been modest and is unlikely to skyrocket.
Scott Norris, CEO of the independent mining firm Optiminer, bluntly states that solo mining still feels like "buying a lottery ticket."
According to data, in 2022, there were 7 successful block mines through Solo CKPool (a service platform that allows anonymous users to mine without running a full node); this number increased to 12 in 2023 and reached 16 in 2024.
It is worth noting that Solo CKPool is not a traditional mining pool. Despite the name including "Pool," it only provides an entry point. Once a miner finds a block, they can take away the vast majority of the reward themselves. However, this does not mean that blocks mined through Solo CKPool are mined by a single individual sitting in their bedroom using very low hashing power. There is a significant misconception about this on some platforms, with some people even promoting this view vigorously without data to support it.
The current mining pool industry is still dominated by a few giants, such as Foundry, AntPool, and F2Pool. Miners typically join these large pools, share hashing power, and distribute rewards proportionally. Miners accessing Solo CKPool can keep almost all of the rewards for themselves.
As the Bitcoin network continues to grow, the search for the computing power and resources needed to find a block has become increasingly competitive. As a result, most mining activities are now industrialized operations run by publicly traded companies on a global scale. Some Bitcoin core supporters believe this is detrimental to Bitcoin's decentralization.
Today, some hobbyist mining devices like Bitaxe and FutureBit Apollo, priced between $200 and $500, are gaining popularity among Bitcoin extremists. In January of this year, a FutureBit Apollo successfully mined a block — albeit under the condition that a nonprofit organization donated hashing power to it. An anonymous miner known as Econoalchemist wrote on X at the time that the organization's goal was to "break the proprietary mining empire and make Bitcoin and free tech available to all."
While the probability of success is extremely low, it may be that the increasing number of "amateur miners" is driving a significant increase in individual mining success rates. Econoalchemist pointed out that the trend of independent miners' success has become more pronounced in recent years. "Every so often (and more and more frequently), a small device like Bitaxe quietly running in a corner of someone's home suddenly hits a block," he said.
Norris from Optiminer added that it could also be the case that some large institutions mine blocks with their own computing power without joining large mining pools — appearing "independent" in form but not in reality.
Even Solo Satoshi, a company based in Houston, Texas, that sells mining devices like Bitaxe Gamma, states on its website that the probability of mining a block with a $180 device with a hash rate of 1.2 TH/s is only 0.00068390% per day.
But Matt Howard mentioned that engaging in solo mining is not necessarily about making money. "The main goal is to promote decentralization. Finding a block and getting Bitcoin is just a bonus," he said. "For Bitcoin extremists, mining must be decentralized."
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Sun Valley Releases 2025 Financial Report: Bitcoin Mining Revenue Reaches $670 Million, Accelerating Transformation to AI Infrastructure Platform
On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.
• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.
• Strategic Progress:
The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
This includes:
· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
· Mining Machine Impairment Loss: $81.4 million
· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.
The total annual operating costs and expenses amount to $1.1 billion.
Specifically, they include:
· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.
The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.
As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.
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