An individual miner defied the odds and managed to collect 168 ETH from a solo mining pool this week, worth 42 times the average block reward.
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An individual Ether (ETH) miner achieved great success by mining a block on his own and received a reward of around $540,000.
Miners worked through 2 million Ethereum TEAM pooled on January 17th when they mined the entire block and received 168 ETH. That reward far exceeds the average per-block reward of about 4 ETH according to BitInfoCharts.
Adding to the remarkable nature of the reward is the size and hashing power of the SOLO pool. It is relatively small with 854 miners online and 1.5 Tera hashes per second at the time of writing, meaning the average miner contributes 1.85 Giga hashes per second. The possibly lucky miner currently contributes 2.25 Giga hashes per second, which can be generated from 1 to 20 latest GPU devices.
Hash power is the amount of computing power that a device contributes to Evidence-of-Work blockchains like Ethereum and Bitcoin. More hashpower helps secure the network by processing transactions and mining blocks.
The possibly lucky jackpot on the Ethereum network marks the third time in two weeks that an individual cryptocurrency miner has hit it big. One Bitcoin (BTC) miner from Solo CK anonymous single mining earned 6.25 BTC for mining the entire block on his own on Jan.
Two days later, another solo miner using Solo CK mined a new block on Bitcoin with only one to three rigs.
Each miner has a 1 in 1,400,000 chance of mining the entire block, and the chance for two small miners to have the same performance in the same week is estimated to be 1 in a billion.
The average daily Ethereum mining profit has been declining since it spiked to an all-time high of $0.282 on May 12, 2021. The average return is currently around $0.0474 according to BitInfoCharts . This is partly because EIP-1559 burns fees instead of distributing them to miners.
Related: Ethereum EIP-1559 Upgrade Launches Into Polygon For MATIC Records
Jackpot rewards like the one earlier this week could be rolled back when the Ethereum network completes a “Merge,” referring to the move to the Evidence-of-Stake (POS) consensus algorithm. With POS, the stability of the network is maintained by staking tokens. This will reduce the network’s power resource requirements.