The increasing difficulty of reduces solo miners’ chances of success, now at 1 in 2,800, which could mean up to eight years to mine a block. This tough reality has caused many small miners to either exit the market or join mining pools, further consolidating hashpower in the hands of large institutions.
In certain parts of the world, like the US, the an individual Bitcoin can cost over $15,000, while other areas like Oman are much more manageable, costing around $1,200. These disparities are substantial and pose a challenge for solo miners, particularly as energy consumption continues to rise.
For most solo miners, the high cost of upgrading their hardware, which can range from $5,000 to $10,000 per unit, has made staying in the game impossible.