Another Ethereum (ETH) Mining Pool Disperses Monstrous $2.5M Fee

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Tue, 06/16/2020 - 12:39
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Vladislav Sopov
Following the announcement of Bitfly's Ethermine pool to finally pay out an eight-digit fee to Ethereum (ETH) miners, Sparkpool has made a similar decision
Another Ethereum (ETH) Mining Pool Disperses Monstrous $2.5M Fee
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Launched in 2016, Sparkpool is one of the first and most respected Ethereum (ETH) mining pools. It is among the pools that have been lucky enough to add blocks with recent erroneous transactions to the Ethereum (ETH) main chain.

Last day for reaching out

According to the official statement from the Sparkpool team, the decision on the fate of a $2.5M transaction fee has been made. They will disperse it between the Ethereum (ETH) miners who contributed to Block 10237208.

Ethereum mining pool Sparkpool disseminates all $2,5 fee between miners
Image via Twitter

But this dissemination will be initiated seven days after this mysterious transaction was mined, or on June 17th at 15:30 (GMT+8). The Sparkpool team highlights that this decision reflects the responsibility of Sparkpool for both miners and the transaction sender.

So, a few hours are left for the sender of this unusual transaction to contact Sparkpool officers. The sender must provide a valid signature of the account transacted.

As covered by U.Today, Sparkpool received a whopping $2.5M fee to send the insignificant amount of $133.

Second in a row

Yesterday, the Austria-based Bitfly development studio that operates the Ethermine mining pool decided to send $2.4M in fees to miners after a four-day pause.

Bitfly representatives explained that numerous people reached out to them to redeem this gargantuan fee, but all of them failed to demonstrate the signature of the sending account.

The team treated the extensive media coverage of this accident as a sufficiently helpful measure in notifying the sender of the need to contact the miners within four days.

A third abnormal transaction ($539,000 in fees for $751,545 transferred) is now under investigation.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)