A single Ethereum miner hits gold, receives $540,000 as a reward

An individual Ethereum miner has struck gold by mining an Ethereum block that gave a reward of 168 ETH worth about $540,000.

Published Fri, Jan 21 2022 12:01 AM CST   |   Updated Thu, Feb 17 2022 4:42 AM CST

One lucky miner received a very handsome reward for participating in a relatively small Ethereum mining pool.

A single Ethereum miner hits gold, receives $540,000 as a reward 03 | TweakTown.com

The miner was using the 2Miners: Solo pool on January 17 when they were awarded with 168 Ethereum (ETH) for successfully mining one block. Cointelegraph reports that the average reward for successfully mining one block is around 4 ETH, or about $11,965. The miner was using a pool that has around 854 miners online pushing 1.5 Tera hashes per second, which equals out to each miner putting forward 1.85 Giga hashes per second of GPU power.

Despite these jackpot rewards from mining blocks, average daily Ethereum profitability has been on a decline since May 12, 2021 as the all-time high peaked at $0.282 and is now around $0.0474, according to BitInfoCharts. The reason for this decline, in part, is because of EIP-1559 which burns fees instead of distributing them out to miners.

Read more: Coinbase secures Mastercard for its upcoming NFT marketplace

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NEWS SOURCE:cointelegraph.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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