Jackpots! Ethereum Miners Get 168 ETH Prizes Worth IDR 7.5 Billion

JAKARTA – An Ethereum (ETH) crypto miner reportedly managed to get a big reward after mining a block alone. The miner managed to get a jackpot of 168 Ethereum (equivalent to 7.5 billion), on January 17, 2022.

At the time of writing, the price per one Ethereum is trading at the level of IDR 45,161,572. If the total prize that the miner gets is around Rp. 7,587,144,096. The rewards exceed the average reward per block by around 4 ETH as reports from BitInfoCharts.

According to Cointelegraph, miners operate using the 2miners Ethereum SOLO pool while mining the entire block and earn 168 ETH. The prizes that miners get are based on the size and hash power of the SOLO pool.

This is relatively small compared to 854 online miners and 1.5 Tera hashes per second. The lucky miner contributed 2.25 Giga hashes per second generated from 1 to 20 latest GPU devices.

For information, hash power is the amount of computer processing power that a device contributes to a Proof-of-Work (PoW) blockchain such as that used by Bitcoin and Ethereum. There is now more hash power to help secure the network by processing transactions and mining blocks.

The crypto miner's jackpot is the third time in two weeks individual mining has grown bigger. Additionally a Bitcoin (BTC) miner from the anonymous solo mining operation Solo CK managed to earn 6.25 BTC after mining the entire block alone on January 11.

Not long ago, two days later another individual miner who was also using the Solo CK pool was again mining Bitcoin in a new block using only one to three mining rigs.

Miners have only a small chance of being able to mine the entire block, the ratio is around 1 in 1,400,000. The odds of two small miners getting a big reward in the same week are estimated to be 1 in a billion.

In addition, Ethereum plans to switch from a Proof of Work (PoW) to Proof of Stake (PoS) algorithm with Etherum2.0. The reason is, PoS is considered effective in maintaining network stability with stake tokens. PoS is also claimed to be able to reduce the need for electrical resources. This is different from PoW which is called energy-intensive.