A single ETH miner earns $540,000 after mining the entire block himself

A single ETH miner achieved great success mining a block and received a reward of around $540,000.

Miners went live through the 2miners Ethereum SOLO pool on January 17th, mining an entire block themselves and receiving 168 ETH.

This reward far exceeds the average reward per block of around 4 ETH, according to BitInfoCharts.

Notably, the SOLO pool size and hash power is relatively small at press time, with 854 online miners and 1.5 terahash/s, meaning the average miner is contributing 1.85 gigahash/s. The lucky one is currently contributing 2.25 gigahash/s, which can be done from 1 to 20 latest GPU devices.

Hash power is the amount of processing power a device contributes to proof-of-work blockchains like Ethereum and Bitcoin. The more hash power, the more secure the network.

The lucky jackpot on the Ethereum network marks the third time in two weeks that a single miner has landed a big hit. A bitcoin miner from Solo CK’s anonymous single mining pool earned 6.25 BTC after mining the entire block on March 11.

Two days later, another single miner using Solo CK mined a new block on Bitcoin with only 1 to 3 devices.

Each miner has a 1 in 1,400,000 chance of mining the entire block, and the chance that two small miners will perform the same in the same week is estimated at 1 in 1,000,000,000.

Ethereum’s average daily mining profit has been falling since rising to an all-time high of $0.282 on May 12, 2021. The average yield is currently around $0.0474 according to BitInfoCharts. This is partly because EIP-1559 burns fees instead of distributing them to miners.

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