After mining one ethereum block, a solo Ethereum miner just got what can only be called the “lucky break” of their lives. They were rewarded with a payout that reached into the thousands of thousands. While ethereum’s mining difficulty is not as high compared to bitcoin, it is still a difficult, energy and computationally intensive process that discourages the average person.
However, solo miners are still a significant part of the ethereum community and can continue making a profit through their mining activities. Even though not every miner gets to min a block with a high reward, many do. This is what happened to the single miner after they solved a block which netted them around 170 ETH.
Ethereum Miner Reward: More Than $500K
BeInCrypto published a report that described the actions of a single ethereum miner who saw an amazing block reward. A miner who found a block, then went on to independently mine it received 170.65 Ethereum in reward. This miner was rewarded with ETH worth approximately $540,000 at the time.
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This is a huge win, especially considering the $13,000 average block reward in ethereum.
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On Monday 17 January, the miner took the win in the block with 236 transactions. The miner mined the blocks in 9 seconds. Mining a block of this size on the ethereum network can be difficult and becomes increasingly more challenging as miners establish operations. This makes finding one that has a block reward exceeding 170 ETH even less likely. It’s almost like winning the lottery.
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While it may be challenging for solo miners to locate and mine all the blocks, they can still receive their full rewards. However, small-time miners are not uncommon in claiming such rare reports. It happens on many different blockchains.
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Bitcoin has been the subject of many events, including these. Bitcoinist last week reported that a tiny-time Bitcoin miner beat all odds and had successfully mined a block by himself. They received the full block reward of 6.25 BTC as well as the transaction bonus. The miner earned over $267,000 in total from the single block they mined.
This had happened a year before. Dr. Kolivas was a software engineer that developed the CGMiner. He recalled that even a casual miner who had a low hashrate had been able mine one block on their own and got the whole block reward.
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