A Lucky Ethereum Miner Extracted A Block Worth $540,000

An Ethereum miner who successfully extracted a complete block won 170 ETH, which is nearly $540,000 in U.S. dollars.

Even though some argue that ethereum mining (still using proof-of-work) is harmful to the environment, the process is still flourishing. Some people even try their luck in extracting entire blocks on their own.

One such miner earlier this week earned 170 ETH for mining the entire block. At today’s prices, this amount of tokens is worth about $480,000. However, at the time of extraction, the value of these ETH oscillated around 540 000 USD. The reward far exceeds the average block reward of about 4 ETH.

A single miner worked through the 2Miners: Solo pool. It is a relatively small organization, consisting of 854 miners and operating a hash rate of 1.5 trespasses per second. This means that the average miner delivers 1.85 gigahash per second (GH/s).

Earlier this month, a single bitcoin miner was also lucky and received a block reward of 6.25 BTC. Interestingly, the chances of this happening were estimated at just 0.000073%. The event took place in the Solo CK pool, and the prize was worth over $267,000 at the time.

Although the odds are extremely low, the same thing happened a day later when another individual miner repeated the feat.

Currently, the proof-of-work consensus is used by the two cryptocurrency elites, Bitcoin and Ether, to maintain their dominance. As a result of the recent controversy surrounding this model, experts have concluded that it represents a significant environmental threat.

Erik Thedéen, Vice-President of the European Securities and Markets Authority (ESMA), became the latest member of the club just a few short days ago. The proof-of-work mining methodology, in his opinion, should be banned, and a less energy-intensive proof-of-stake mining methodology should be encouraged instead.

Ethereum 2.0 is on track to launch this summer, and it will make its greener, proof-of-stake debut. This means that Vitalik Buterin’s protocol will become a natural proof-of-stake system.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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