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 whole ETH block and earned himself a cool reward of 168 ETH value roughly $500,000.

Solo miners get fortunate with Ethereum and Bitcoin Rewards

The stated miner was working via the 2miners: Ether SOLO pool on January seventeenth. Per accessible knowledge, the miner was in a position to obtain a reward 42 instances increased than the same old quantity reward awarded by block.

A cursory have a look at the dimensions 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, and so they contribute round 1.5 Tera hashes per second.

Curiously, that is the third time this yr that this freak incidence can be taking place. Within the first two instances, totally different solo miners utilizing the Solo CK had been in a position to mine a whole 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 lately reached a brand new all-time excessive.

In line with accessible knowledge on Glassnode, Bitcoin hashrate has hit 215 million terahashes per second. Ethereum hashrate has additionally reached new highs in the beginning of this yr.

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

Crypto mining actions draw consideration of the authorities

Whereas the sooner miners have been in a position to reap the bountiful rewards of crypto mining, authorities around the globe have gotten more and more agitated concerning the business.

Crypto mining is a course of that permits 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, relies on the computing energy and will be energy-intensive.

On this yr alone, totally different experiences emanating from a number of European international locations 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 religious strategy 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.