ETH Mining Pool Decides To Distribute One Of The Transfers Miners

The ETH mining pool which received the second $2.6 million fee transaction recently announced that it will distribute these funds to miners after only four days. We can see that the name in question here is Etherchain, a fund that received a lot of funds as part of the abnormal string of transactions seen last week.

As the sender of the transaction https://t.co/h21A2Th4fw has not contacted us after 4 days we have made the final decision to distribute the tx fee to the miners of our pool. Given the amount involved we believe 4 days is sufficient time for the sender to get in touch with us.

— Bitfly (@etherchain_org) June 15, 2020

Moreover, a tweet published on June 15 (seen above) in the Ethereum latest news shows that the pool will distribute the windfall to all miners participating in that block, according to a snapshot which was taken at the time of the transaction. The company tried to justify the transaction and said that “given the amount involved we believe four days is sufficient time for the sender to get in touch with us.”

Anyways, this ETH mining pool which received the funds will have several actors who are the owners of the account. However, they were unable to provide a valid signature that would prove they were the original owners.

4 days!???

— Vlad Zamfir (@VladZamfir) June 15, 2020

Meanwhile, the core Ethereum developers Vlad Zamfir and Peter Szilagyi criticized this decision and Zamfir was befuddled, while Szilagyi said that “I’d honestly wait a month or two if you’re serious about giving it back.”

The crypto news also show that the ETH mining pool Etherchain noted that it will automatically distribute the funds to miners if any such occurrence were to happen again. This may suggest that the pool was not enthusiastic about returning the money in the first place.

If you are asking yourself how much money will miners receive, you can see that the $2.6 million fee is approximately one day’s worth of block rewards on Ethereum, calculated along with an ETH price as of press time which is $223. However, this fee is not spread evenly on the entire network as the Etherchain Ethermine pool only controls 21% of the hashrate, according to one source. This is why miners on that pool can expect to receive the equivalent of about 5 days of normal mining.

Meanwhile, the Chinese analysis firm PeckShield before theorized that hackers gained access to an exchange but are unable to withdraw its funds because the private keys are compartmentalized. Anyways, no one confirmed if this story is true.