An Ethereum (ETH) miner has been a huge success, mining a block on his own and earning an estimated reward of $ 540,000.
The miner worked through 2Miners: Solo Pool on Monday when he mined an entire block and received 168 ETH. This reward significantly exceeds the average block reward by approximately 4 ETH according to the BitInfoCharts charts.
The size and processing power of the solo complex contribute to the exciting nature of the reward. It is relatively small, with 854 miners on the network and 1.5 terahashes per second at the time of writing, which means that the average miner contributes 1.85 gigahash per second (GH / s). A lucky miner is currently contributing 2.25 GHz, which can be generated with anywhere from one to 20 of the latest GPUs.
Hash power is the amount of computing power a device contributes to a Proof-of-Work blockchain such as Ethereum and Bitcoin. Large hash power helps to secure the network through transaction processing and block extraction.
The lucky jackpot on the Ethereum network marks the third time in two weeks that a single cryptocurrency miner has achieved great success. On January 11, a bitcoin (BTC) miner from an anonymous solo mining company, Solo CK, collected 6.25 bitcoins to extract an entire block on his own.
Two days later, another solo miner, who again used Solo CK, diluted a new block of bitcoin on just one to three rigs.
Each miner had a chance of 1 to 1,400,000 to extract an entire block, and the odds of two small miners achieving the same feat in the same week were estimated to be 1 in 1 billion.
The average daily profitability of Ethereum mining has fallen since it reached a record high of $ 0.282 on May 12, 2021. According to BitInfoCharts, the average profit is now around $ 0.0474. This is partly due to Ethereum Improvement Proposal 1559, which burns taxes instead of distributing them to miners.
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A jackpot like the one from earlier this week can be sent into the past when the Ethereum network completes its “merger”, which signals the transition to the Proof of Stake (PoS) consensus algorithm. With PoS, network stability is maintained by issuing tokens. This will reduce the requirements for the electrical resources in the network.
