One Lucky ETH Miner Received A Block Reward Worth $540K

One lucky ETH miner recieved a block reward worth $540,000 or 170 ETH as we are reading more today in our latest Ethereum news today.

The lucky ETH miner who mined a complete block hit the jackpot by getting 170 ETH for his efforts. Converted in USD value, the reward equals $540,000 at the time the block was mined. Despite some people claiming that ETH mining is harmful to the environment, the process is thriving and single individuals are constantly trying their luck to mine the blocks on their own. One such example defied the odds previously in the week and earned 170 ETH for mining an entire block and the crypto amounts totals about $480,000 while at the time of mining, the USD Value equaled $540,000 with the reward surpassing the per-block average reward of 4 ETH.

The individual miner was operating in 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. The solo BTC miner beat 1 in 10,000 odds when it recieved a block reward of 6.25 BTC so the chances of this happening were estimated at 0.000073% with the event happening at the solo CK Pool and the reward was worth over $267,000.

Even though the chances are rare, the same thing happened one day later when another individual miner got a 6.25 BTC block reward with just 116 TH/s as they were lucky enough to win the mining race and get $270K worth of the main cryptocurrency. The two main cryptocurrencies BTC and ETH now rely on the proof of work mining consensus but this model caused a lot of controversies as many experts claim it poses a huge risk to the environment. A few days ago, Erik Thedeen who is the vice-chair of the European Securities and Markets Authority joined the club and the EU financial regulator said they should ban PoW mining and encourage PoS instead.

It is worth noting that Ethereum is on its way to upgrading the network to Ethereum 2.0 as the transition will occur this summer. Following the development, Buterin’s crypto protocol will start using the PoS method and become greener.