Lucky ETH Miner Receives a Block Reward Worth $540K

A single Ethereum miner who successfully mined a block of Ethereum received 170 Ethereum for his efforts. The reward is converted in USD and equals approximately $540,000. This was calculated based on the time the block reward was received.

Beat the odds

Although some claim that Ethereum mining (still being proof of work) is dangerous to the environment, it is still thriving and single individuals are continually trying to mine blocks.

One example of such a person won 170 ETH to mine an entire block. This was despite all odds. The cryptocurrency amount is approximately $480,000. At the time of mining, the USD value was $540,000. This reward is significantly higher than the average per-block reward of 4 ETH.

The 2Miners Solo pool was used by the individual miner. This is a small organization with only 854 miners online. The average miner contributes 1.85 terahashes per minute (GH/s).

A solo bitcoin miner won 1 in 10,000 and was awarded a 6.25 BTC block reward earlier this month. The chances of this happening were only 0.000073%, which is quite remarkable. It took place at Solo CK pool. The reward was more than $267,000, based on the bitcoin price back then.

Although the chance of this happening is extremely unlikely, it happened again one day later when another miner took home the 6.25 BTC block reward. They won the mining race with just 116 TH/s and received approximately $270K of the primary digital asset.

It is against the law to conduct proof-of-work mining

Bitcoin and Ether are the two major players in cryptocurrency. They rely on the proof of work mining consensus. This model is controversial because many experts believe it poses significant risks to the environment.

Erik Thedeen, vice-chair of European Securities and Markets Authority, joined the club a few days ago. He believes that the EU financial regulators should ban proof-of work mining and promote the proof-of stake model, which requires less energy.

It’s worth noting that Ethereum is working to upgrade the network to Ethereum 2.0. The transition should take place this summer. Vitalik Buterin will use the proof-of stake method in his cryptocurrency protocol, making it more environmentally-friendly.

Read More

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami