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| Ethereum mining hasn't been very profitable over the past 6 months |
Ethereum mining has emerged as a great way for individuals with powerful graphics cards (GPUs) to make some money while they aren't using their PC. With congestion on the Ethereum network driving up gas fees, mining profitability has been fairly decent for solo miners although the average profitability has seen a dip. However, an Ethereum miner appears to have hit a rare jackpot after mining a single Ethereum block that earned him a reward of ETH 170 which is valued at around $540,000 (roughly Rs. 4 crore).
The mining difficulty of Ethereum is not as high compared to Bitcoin, but it is still a difficult, energy-consuming, and computationally intensive process that may discourage an average person. Even so, a lot of solo miners continue to thrive in the Ethereum ecosystem and continue to draw profits from their mining activities. However, very rarely does one hear about a miner mining a single block that delivers a reward with Ether worth a fortune.
As per a report by BeInCrypto, this solo Ethereum miner had found a block and then proceeded to mine it independently got a total of ETH 170.65 in rewards for this. The value of Ether at the time the miner was rewarded was cumulatively worth around $540,000 (roughly Rs. 4 crore) which went to this miner.
According to BitInfoCharts, a platform that tracks key crypto metrics, the average reward for mining a block on the Ethereum blockchain is roughly ETH 4, which at the time of writing, is worth $3,140 or roughly Rs. 2 lakh. This suggest that the miner's rewards here exceed the average by an eye-watering 17,097 percent.
Bitcoin, which features arguably one of the highest mining difficulties, has seen events like previously. Only last week, a Bitcoinist report revealed that a small-time Bitcoin miner had beaten the odds to mine a block all by themselves. This netted them the entire 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 that single block mined.
As far as profitability on Ethereum mining is concerned, after peaking in mid-May 2021, when average profitability was as high as $0.28 (roughly Rs. 20) per day per MHash/s, it had fallen as low as $0.05 (roughly Rs. 4) between June and July, but then seemed to recover, rising to almost $0.09 (roughly Rs. 7) per day in November. Since then, however, a long decline has continued, bringing it back down to its current $0.05 (roughly Rs. 4) per day per MHash/s.
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