BlocksInform
An individual Ether (ETH) miner struck him big by exploiting a block on their own and receiving a reward valued at about $540,000.
The miner was operating through the 2miners Ethereum SOLO pool on Jan. 17 when they mined an entire block and received 168 ETH. That reward vastly outstrips the per-block average reward of about 4 ETH according to BitInfoCharts.
Adding to the remarkable nature of the award is the size and grinding power of the solo pool. It is relatively small with 854 miners online and 1.5 tera of hashes per second at the time of writing, which means the average miner contributes 1.85 giga of hashes per second. The lucky miner currently contributes 2.25 gigabytes per second which could be generated between 1 and 20 of the latest gpu devices.
Hash power is the amount of computing power a device contributes to a blockchain of work evidence like ethereum and bitcoin. More hashpower allows to secure the network by processing transactions and mineral blocks.
The lucky jackpot on the Ethereum network marks the third time in two weeks that an individual crypto miner has hit the big time. A Bitcoin (BTC) miner from the Solo CK anonymous solo mining operation raked in 6.25 BTC for mining an entire block on their own on Jan. 11.
Two days later, another solo miner using Solo CK again mined a new block on Bitcoin with only one to three rigs.
Each miner had a 1,400,000 chance of operating a whole block, and the chances for two tiny miners to achieve the same feat in the same week were estimated at one in a billion.
The average daily profitability of ether extraction has been on the decline since it reached an all-time high of $0.282 on May 12, 2021. Average profitability is now about $0.0474 according to BitInfoCharts. This is partly due to EIP-1559 which burns fees rather than distributing them to miners.
Related: Ethereum’s EIP-1559 upgrade launches on Polygon to burn MATIC
A jackpot reward like the one earlier this week may be consigned to the past when the Ethereum network completes “the Merge,” referring to its move to a Proof-of-Stake (POS) consensus algorithm. With pos, the stability of the network is maintained by punctuation tokens. This will reduce the grid's power requirements.
