How one Ethereum miner earned over $500k in block rewards

One Ethereum miner may very well be the luckiest within the area, as he single-handedly mined a complete ETH block and earned himself a cool reward of 168 ETH price roughly $500,000.

Solo miners get fortunate with Ethereum and Bitcoin Rewards

The stated miner was working by the 2miners: Ether SOLO pool on January seventeenth. Per out there data, the miner was capable of obtain a reward 42 instances greater than the same old quantity reward awarded by block.

A cursory take a look at the scale and hash energy of the SOLO would present how fortunate the miner was. As of press time,  lower than 1,000 miners are on-line, they usually contribute round 1.5 Tera hashes per second.

Curiously, that is the third time this yr that this freak prevalence can be taking place. Within the first two instances, completely different solo miners utilizing the Solo CK had been capable of mine a complete block of Bitcoin on their very own. This earned every of them 6.25 BTC, respectively.

Ethereum and Bitcoin mining hashpower reaches new heights

What makes the achievement of the solo miners extra commendable is the truth that Bitcoin hashrate solely just lately reached a brand new all-time excessive.

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In response to out there knowledge on Glassnode, Bitcoin hashrate has hit 215 million terahashes per second. Ethereum hashrate has additionally reached new highs originally of this yr.

What this factors to is the truth that the miners had been actually fortunate as that they had a 1 in 1,400,000 likelihood of mining a complete block on their very own. 

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Crypto mining actions draw consideration of the authorities

Whereas the sooner miners have been capable of reap the bountiful rewards of crypto mining, authorities all over the world have gotten more and more agitated in regards to the trade.

Crypto mining is a course of that enables crypto transactions to be validated and on the identical time, it results in the minting of recent digital cash. This course of, particularly for blockchains operating on the proof of labor community, depends on the computing energy and might be energy-intensive.

On this yr alone, completely different studies emanating from a number of European nations present the resolve of the federal government to finish the usage of their vitality sources for mining actions.

In Kosovo for instance, the federal government’s blanket ban on Bitcoin mining has led miners within the nation to start out promoting their gear.

Georgia, alternatively, has taken a extra non secular method in the direction of the area. A video on the web exhibits residents within the nation swearing oaths in a church to not use the nation’s energy for mining crypto.

Posted In: Ethereum, Mining

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