One lucky ETH miner got a block reward worth $540,000 or 170 ETH, as we read more today in our latest Ethereum news.
The lucky ETH miner who mined a complete block hit the jackpot by receiving 170 ETH for his efforts. Converted to USD, the reward at the time the block is mined is equal to $540,000. Although some people claim that ETH mining is harmful to the environment, the process is thriving and individuals are constantly trying their luck at mining the blocks themselves. One such example defied the odds earlier in the week, earning 170 ETH for mining an entire block and the crypto amounts are around $480,000, while at the time of mining the USD value was $540,000, with the reward being the average reward per Block of 4 outperformed ETH.
The single miner operated in 2Miners: Solo Pool. The latter is a small organization with 854 online miners and 1.5 terahashes per second, meaning the average miner contributes 1.85 gigahashes per second. The solo BTC miner hit 1 in 10,000 odds when he received a block reward of 6.25 BTC, so the probability of this happening was estimated at 0.000073%, with the event occurring in the solo CK pool and the reward was worth over $267,000.
Although the odds are slim, the same thing happened a day later when another individual miner received a 6.25 BTC block reward at only 116 TH/s as he was lucky enough to win the mining race and became the main cryptocurrency in the value of $270,000. The two major cryptocurrencies BTC and ETH are now relying on the proof of work mining consensus, but this model has caused a lot of controversy as many experts claim it poses a huge risk to the environment. A few days ago, Erik Thedeen stepped down , the vice-chair of the European Securities and Markets Authority, joined the club, and the EU Financial Services Authority said they should ban PoW mining and encourage PoS instead.
It is worth noting that Ethereum is on track to upgrade the network to Ethereum 2.0 as the transition will happen this summer. After development, Buterin crypto protocol will start with PoS method and become greener.
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