Ethereum mining has emerged as a great way for individuals with powerful graphics cards (GPUs) to make some money while not using their PC. With congestion on the Ethereum network pushing up gas prices, mining profitability has been quite decent for solo miners, although average profitability has seen a dip. However, an Ethereum miner seems to have won a rare jackpot after mining a single Ethereum block that earned him a reward of ETH 170 which is estimated to be around $540,000 (about Rs. 4 crore).
The mining difficulty of Ethereum 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. Still, many solo miners continue to thrive in the Ethereum ecosystem and continue to make profits from their mining operations. Very rarely, however, do you hear about a miner mining a single block that yields a reward with Ether worth a fortune.
According to a report from BeInCrypto, this solo Ethereum miner had found a block and then proceeded to mine it and got a total of 170.65 ETH in rewards for it. The value of Ether at the time the miner was rewarded was cumulatively worth about $540,000 (about Rs. 4 crore) going to this miner.
According to BitInfoCharts, a platform that tracks key crypto statistics, the average reward for mining a block on the Ethereum blockchain is about ETH 4, which is worth $3,140 or about Rs at the time of writing. 2 million. This suggests that the miner’s rewards here exceed the average by a whopping 17,097 percent.
Bitcoin, which arguably has one of the biggest mining problems, has seen events like before. Just last week, a Bitcoinist report revealed that a small Bitcoin miner had beaten the odds of mining a block of his own. This earned them the full block reward of 6.25 Bitcoins as well as the transaction reward. In total, the miner earned over $267,000 (about Rs. 2 crore) from that one block mined.
As for the profitability of Ethereum mining, after peaking in mid-May 2021 when the average profitability was as high as $0.28 (about Rs. 20) per day per MHash/s, it had fallen to $0.05 (about Rs. 4) between June and July, but then appeared to recover, rising to nearly $0.09 (about Rs. 7) a day in November. However, a long decline has continued since then, pushing it back to its current $0.05 (about Rs. 4) per day per MHash/s.