5 leaf clover – Definitely, some Proof of Work cryptocurrency miners are in luck right now. Since early January, two bitcoin miners have already hit the jackpot, each mining a block and its 6.25 BTC for themselves. This time, it’s on Ethereum (ETH) that a lucky miner has just won 168 ethers all at once!
$530,000 for mining a block on Ethereum
In the consensus of blockchains in proof of work (PoW), competing miners have a percentage of chance to validate a transaction block roughly equivalent to the computing power that they put at the service of the network.
Suffice to say that for a minor alone, the task is more than arduous. Because usually, when they are grouped in pool (cooperative) mining, participants agree to pool their computing power to increase their luck and to share proportionally the rewards when validating a block.
As Cointelegraph reports, one lucky miner didn’t need all that. On January 17, 2022, he indeed found alone a block on Ethereum, and not just any block: he pocketed a total of 168ETH, is around $530,000 at the time of this writing.
>> Come get exposure to Bitcoin alongside industry-leading Binance (affiliate link) <<
An abnormally generous block in ethers for this lucky doubling
The base reward for finding a block on Ethereum is 2ETH, but we must add to this the gas costs paid during transactions. These have become very important with the strong growth of the use of Ethereum with the decentralized finance (DeFi) and the non-fungible tokens (NFT) in particular.
According to data from BitInfoCharts, these fees became equivalents to the basic validation reward, which brings us to a average value reward per block of a total of 4ETH.
With a reward 42 times higher average, while undermining alone, this miner has therefore deserved that we use the somewhat vulgar (and strange) expression “to have the ass lined with noodles” ! He has indeed achieved the feat of win more than these two lucky predecessors of the year on Bitcoin, despite a significantly lower base reward.
As to the nature of the transactions that generated such a huge bloat in block-time transaction fees, that remains a mystery. Perhaps an error when entering the gas costs, or an attempt at an automatic transaction by bot that went very badly…
Did you know that in addition to allowing you to buy and trade bitcoins and other cryptocurrencies, the Binance platform also offers to take part in bitcoin mining? Come and discover this offer, and all the other proposals from the crypto leader in youregistering on Binance (affiliate link)