Friday, March 29

Ethereum miner alone receives BRL 3 million


Just days after two Bitcoin solo miners were rewarded with BRL 1 and 1.6 million, respectively, an Ethereum miner broke this record and took BRL 3 million home by mining a single block that contained 170 ETH.

While the standard Ethereum reward is 2 ETH per block, this miner’s luck is tied to the fee rewards, which in this case were 174 ETH, 5 of which burned forever through Ethereum’s burn mechanism.

As for the difference between mining Bitcoin and Ethereum solo, it is big. While these adventurers find only 4 Bitcoin blocks per year, this number is higher on Ethereum, as 1 new block is found every ~15 seconds while on Bitcoin this number is 40 times lower.

Lucky Ethereum miner

With six mining rigs totaling 2 GH/s — about 36 NVIDIA RTX 3070s — one miner hit the jackpot when mining a block that contained over 170 ETH of rewards in addition to the standard 2 ethers.

Lucky Ethereum (ETH) miner mining rigs

Although it is not that difficult to find a block mining solo with such a hashrate, it is estimated that these graphics cards bring in 19,000 reais per month.

That is, by receiving a prize of 168 ETH, equivalent to 3 million reais, the miner ended up winning a prize that would take 13 years to receive.

Analyzing the transactions contained in this block numbered 14,020,509, we can see that a large part of these fees were paid for transactions of a token called FOMO MOFOS. It is probably a collection of 8,000 NFTs which were distributed without regard to fees.

Ethers (ETH) burned

Another interesting point is that part of the prize pool of this block, about 5.5 ETH (R$ 97,000), was burned. This reduces the supply of money in the market.

About 5 months after the introduction of EIP-1559, over 1.5 million ethers have already been burned. This value is equivalent to 27 billion reais at the current price and is certainly one of the reasons why Ethereum remains dominant despite so much competition.

Total ethers burned. Source: EtherChain

Finally, in addition to a happy miner with a reward of 3 million reais, Ethereum holders are also happy that part of these fees have been burned.





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