• A lucky ETH miner has received a $540K block reward

  • A single Ethereum miner mined an entire block and received 170 ETH ($540,000).

    An individual Ethereum miner that mined a whole block won 170 ETH for his efforts. In USD terms, the award is worth almost $540,000. (calculated by the time when the block reward was mined).

    Surviving the Odds

    Despite some claims that Ethereum mining (which is still proof-of-work) is hazardous to the environment, the process is still alive and well, and even single individuals are continuously attempting to mine blocks on their own.

    Earlier last week, one such case bucked the odds by earning 170 ETH for mining a full block. In today’s pricing, the cryptocurrency amount is around $480,000, whereas the USD worth was $540,000 at the time of mining. The reward far outweighs the per-block average value of around 4 ETH.

    The individual miner was using the 2Miners: Solo pool. The latter is a small organization, with 854 miners online and 1.5 terahashes per second, which means that the average miner contributes 1.85 gigahashes per second (GH/s).

    Earlier this month, a single bitcoin miner outperformed the odds of 1 in 10,000 and got a block reward of 6.25 BTC. Surprisingly, the likelihood of this happening was assessed to be 0.000073 percent. The event took place at the Solo CK pool, and the prize was worth more than $267,000 dollars (going by the current price of bitcoin back then).

    Despite the fact that such occurrences are highly unusual, the same event occurred one day later when another individual miner collected the 6.25 BTC block reward. They were fortunate enough to win the mining race with only 116 TH/s and receive around $270K in the major digital asset.

    Mining for Proof-of-Work Should Be Banned

    Bitcoin and Ether, the two cryptocurrency hegemons, now rely on the proof-of-work mining consensus. However, this paradigm has recently sparked great debate, with many experts claiming that it poses significant environmental hazards.

    Erik Thedéen, vice-chair of the European Securities and Markets Authority (ESMA), has joined this group. According to him, EU financial regulators should prohibit proof-of-work mining methodologies and promote the proof-of-stake model, which uses less energy.

    It is worth noting that Ethereum is on the verge of updating its network to Ethereum 2.0, with the switch expected to take place this summer. Following the development, Vitalik Buterin’s bitcoin protocol will begin using the proof-of-stake technique, making it more environmentally friendly.

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