An individual takes the jackpot with a reward of $540K for mining ETH

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2022-01-24 07:37:08

An individual miner defied the odds and managed to collect 168 ETH from a solo mining pool this week. In particular, this block is worth about $540,000, 42 times the average reward.

An individual ETH miner gets a reward of 540k

An individual Ether (ETH) miner has achieved great success by mining a block on his own and receiving a reward of about $540,000.

On January 17, this person worked through the Ethereum SOLO pool of 2miners mining an entire block and received 168 ETH. According to BitInfoCharts, this reward far exceeds the average rewards per block by about 4 ETH.

The highlight of this reward is the size and hash power of the SOLO pool. Specifically normally it is relatively small with 854 miners online and 1.5 Tera hashes per second which means the average miner contributes 1.85 Giga hashes per second. For that, this lucky miner currently contributes 2.25 Giga hashes per second, which can be generated from 1 to 20 latest GPU devices.

Hash power is the amount of computing power a device contributes to Proof-of-Work blockchains like Ethereum and Bitcoin. More hashpower helps secure the network by processing transactions and mining blocks.

The lucky jackpot on the Ethereum network marks the third time in two weeks that an individual cryptocurrency miner has hit a big hit.

Prior to that, Bitcoin (BTC) miner from Solo CK anonymous single mining operation earned 6.25 BTC for mining the entire block by himself on Jan. 11th. Two days later, a solo miner Others using Solo CK mine a new block on Bitcoin with only one to three rigs.

In terms of proportions each will have a 1/1,400,000 chance of mining the entire block. Statistically, two small miners with the same performance in the same week is estimated to be 1 in a billion.

Mining Profit Value on Ethereum

Mining Profit Value on Ethereum
Mining Profit Value on Ethereum

The average daily Ethereum mining profit has been declining since it spiked to an all-time high of $0.282 on May 12, 2021. The average return is currently around $0.0474 according to BitInfoCharts . This is partly because EIP-1559 burns fees instead of distributing them to miners.

Jackpot rewards like the one from earlier this week could be rolled back when the Ethereum network completes a “Merge,” referring to the move to a Proof-of-Stake (POS) consensus algorithm. With POS, the stability of the network is maintained by staking tokens. This will reduce the network’s power resource requirements.

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