Ethermine Mining Pool Will Share Latest $2.6M Fee Among Miners

The Ethermine mining pool will now distribute the $2.6 million fee from the series of bizarre ETH transactions that happened last week after the fund’s owner failed to make a decent claim. In our Ethereum latest news, we take a closer look at the developments.

On June 11, the miner which is a Bitfly unit received the record fee in a transaction that involved just $350 ETH or $86,000. It was the second fee paid by the same person which transferred a small amount of ETH in as many days. After freezing the payment for a few days, the Ethermine mining pool lost its patience and will now share the $2.6 million among the miners as a reward for processing transactions. Bitfly tweeted:

 “As the sender of the transaction … has not contacted us after four days [we] have made the final decision to distribute the tx fee to the miners of our pool. Given the amount involved we believe four days is sufficient time for the sender to get in touch with us.”

A few pretenders came forward to claim ownership of the transaction but no one fit the bill. They all failed to produce a signature of the sending account. According to Bitfly, the money will be distributed according to the miners’ hashrate snapshot that the company took at the time block 10241999 which was mined by the Ethermine pool. The miners can expect to receive up to 5 days of fees from these transactions. Some people protested that only a few days was a short period to wait and they encouraged a longer timeframe to give the owner time to make a claim. But the mine declared:

While multiple people claimed being the sender of this transaction none of them was able to produce a valid signature of the sending account.

The distribution will be done according to a miner hashrate snapshot we took at the time block 10241999 was mined by our Ethermine pool.

— Bitfly (@etherchain_org) June 15, 2020

“We are a mining pool and not an arbiter of the ETH network. In order to avoid such discussions in the future, we will be immediately distributing any block reward independent of its size.”

Sparkpool also received the first $2.6 million on the $134 transfer and stated that the time of the transaction was still under investigation, promising a solution shortly. It is now clear if a solution will be found or that Sparkpool will also empty the pockets from the fees. The miner repaid a user half of the 2,100 ETH paid by accident as a fee in 0.1 ether transfer. The information last week showed that two record-fee transactions might be done by hackers in a blackmailing event.