An Ethereum miner who mined an entire block in the Ethereum blockchain won a prize by receiving 170 ETH for his efforts.
When the reward is converted into dollars, the reward equals approximately $540,000 (calculated by the time the block was mined).
Good luck finding the right possibility:
Although some people claim that mining Ethereum is harmful to the environment, the process is still thriving, as miners continue to exploit their hardware to mine Ethereum before it turns into mining.
Earlier this week, Ethereum miner received 170 ETH to mine a full block.
The total value of what this mineral has returned is around $540,000 at the time of mining, and the reward collected greatly exceeds the allocated reward of around 4 Ethereum.
The individual miner was working through the “2Miners: Solo pool” mining pool, the latter being a relatively small organization, consisting of 854 online miners and an estimated hash rate of 1.5 terahashes per second, which means that the average mineral contribution rate is 1.85 Giga hash per second (GH/s).
In a similar incident earlier this month, a Bitcoin miner won a reward of 6.25 BTC.
Interestingly, the chances of this happening were estimated at 0.000073%.
The event took place in the “Solo CK” pool, while the reward was over $267,000 (according to the bitcoin price at the time).
Seeking to ban mining:
The two largest cryptocurrencies are based on the Proof of Work mechanism.
This model has generated a lot of controversy recently, with many experts claiming that it poses significant risks to the environment.
A few days ago, Eric Tieden, Vice President of the European Securities and Markets Authority (ESMA) joined this anti-mining club.
In his view, EU financial regulators should ban Proof of Work mining and encourage a less energy-intensive Proof of Stake model.
It's worth noting that Ethereum is on the way to upgrade the network to Ethereum 2.0 as the transition should happen this summer.
After development, Vitalik Buterin's crypto protocol will start using the Proof of Stake method and thus become more environmentally focused.
Image Source