A crypto-miner earned $ 540,000 from Ethereum block

One crypto-miner fell asleep with a smile from ear to ear when he received 168 ETHs on January 17 for successfully verifying one Ethereum block.

A crypto-miner earned $ 540,000 from Ethereum block

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Notice: This article is for informational and educational purposes only, and you should not take it as financial advice.

One crypto-miner fell asleep with a smile from ear to ear when he received 168 ETHs on January 17 for successfully verifying one Ethereum block.

To understand how this happened, you need to know that crypto-miners join so-called pools (groups) to make sure they earn some of their machines. Namely, the miners receive a fee of about 4 ETH for the successful verification of the transaction block. However, by joining the pool, the chance of verifying the block increases, and the prize is shared among all participants, according to the strength with which they participate in the digging.

Practically speaking, participating in a large pool guarantees you earnings, because the strength of the pool is very large, so the certainty of block verification can be precisely determined. This is true for Bitcoin and Ethereum mining (at least until Ethereum switches to the Proof-of-Stake model ) and other similar cryptocurrencies.

What is interesting with this miner who received 168 ETH for successful verification of the block is that he used the SOLO pool, ie the pool in which the strength of the miners unites, but the reward goes to the miner who dug the block.

The SOLO pool of which this miner is a part is relatively small with about 850 miners and over 1.5 Th / s power, which means that each miner contributes on average with about 1.85 Gh / s. Of course, more GPUs mean more power, which increases the probability of block verification.

Happy Sunday for the miners

Last week was very interesting because one BTC miner from Solo CK pool on January 11 received 6.25 BTC for block verification, and a colleague from the same pool two days later dug (verified) another BTC block with only three rigs.

One in a billion

To understand how lucky you need to be for something like this to happen to you, you need to know that each miner has a 1: 1,400,000 chance of verifying one block on his own, while the chances of two small miners doing it the same week are less than 1: 1,000. .000.000.

Evolution of the network

Such a large reward for block verification (42 times higher than usual) can be attributed to the process of transition of the Ethehreum network, which should evolve into Ethereum 2.0. By merging with the test network, the current model will be switched from Proof-of-Work (POW) to Proof-of-Stake (POS), a greener variant, which will no longer require a large amount of power to verify blocks and maintain network stability. With POS, network stability is maintained by investing tokens.

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