Lucky Solo Ethereum miner bags $540,000 in reward after mining entire block

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Ethereum mining has emerged as a great way for people with powerful graphics cards (GPUs) to make some money while not using their PC. With Ethereum network congestion driving up gas fees, mining profitability for solo miners has been quite decent, although average profitability has taken a tumble. However, an Ethereum miner appears to have hit a rare jackpot after mining a single block of Ethereum, which brought him a reward of ETH 170 estimated at around $540,000 (roughly Rs. 4 crore).

Ethereum mining difficulty is not that high compared to Bitcoin, but it is still a difficult, energy-consuming and computationally intensive process that can discourage an average person. Despite this, many solo miners continue to thrive in the Ethereum ecosystem and continue to make profits from their mining activities. However, it is very rare to hear of a miner digging a single block that yields a fortune in Ether as a reward.

According to a report by BeInCrypto, this solo Ethereum miner found a block and then mined it independently, receiving a total of 170.65 ETH in rewards. The value of Ether at the time the miner was rewarded was cumulatively worth about $540,000 (roughly Rs. 4 crore) going to that miner.

According to BitInfoCharts, a platform that tracks key crypto metrics, the average reward for mining a block on the Ethereum blockchain is around 4 ETH, which is worth $3,140 or roughly Rs at the time of writing. 2 lakhs. This suggests that miner rewards here exceed the average by a staggering 17,097 percent.

Bitcoin, which is arguably one of the biggest mining difficulties, has seen events like before. Just last week, a Bitcoinist report revealed that a small bitcoin miner beat all odds to mine a block all by itself. This earned them the total block reward of 6.25 bitcoins as well as the transaction reward. In total, the miner made over $267,000 (roughly Rs. 2 crore) from this single mined block.

As for the profitability of Ethereum mining, after its peak in mid-May 2021 when the average profitability was $0.28 (approx. Rs. 20) per day and MHash/s, it dropped to $0.05 (approx 4) between June and July, but then seemed to recover, rising to nearly $0.09 (about Rs. 7) a day in November. However, a long decline has continued since then, bringing it back to its current $0.05 (roughly Rs. 4) per day per MHash/s.

Interested in Cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 Podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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