An Ethereum miner managed to solve an entire block and was able to earn a reward of 170.65 ETH. The total sum won is equivalent to almost $540,000, a very happy victory for the miner.
An Ethereum miner earned a reward of 170.65 ETH (about $540,000) on January 17, after solving an entire block. This enormous stroke of luck from which the minor benefited is an extremely rare case. However, this has already happened to a Bitcoin miner.
Given that the daily mining reward is around $13,000, it is clear that the amount this Ethereum miner received is particularly staggering. For most people, Ethereum mining is not a profitable business unless you use the best mining rigs, and even then, it is not easy to generate satisfactory income.
Incidentally, a similar case took place within the Bitcoin network, when a single miner got a reward of 6.25 BTC for a solved block on January 11. The miner was using just 126 terahashes per second, a surprisingly low hashrate that was only 0.000073% of the total hash rate.
Ethereum is set to adopt a proof-of-stake-based consensus mechanism with its ETH 2.0 update. This is an incremental improvement that will likely take a year to complete, but is already at an advanced stage. It is also one of the most followed projects within the crypto-sphere. This is not surprising, given the large presence of Ethereum in the market, especially in the decentralized finance (DeFi) sector.
Also, the Ethereum network will make a full transition to staking very soon, which should change the rewards system significantly.
ETH 2.0 should make rewards fairer
Ethereum has begun its transition to proof of stake and many have already started staking their ETH. Indeed, staking allows a greater number of users to contribute to the security of the network. Currently, the minimum amount required to become a validator on Ethereum is 32 ETH (almost $100,000). Admittedly, not everyone can afford to pay this amount, but it is certainly better than what is happening now.
Ethereum performed well in 2021, and ETH exchange balances fell to their lowest level in three years. Historically, this trend demonstrates investor optimism towards certain assets. Additionally, the arrival of ETH 2.0 should make holding Ethereum even more profitable.
Many analysts and experts predict a bright future for Ethereum thanks to these transformations. Recently, Pantera’s co-chief investment officer predicted that 50% of global financial transactions could involve Ethereum over the next decade.
Disclaimer
All information on our website is published in good faith and for general information purposes only. Any action taken by the reader based on information found on our website is entirely at their own risk.