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Ethereum (ETH) Miners From Bitfly Decided Fate of $2.4M Transaction Fee

News
Mon, 06/15/2020 - 10:51
Vladislav Sopov
The Ethermine Ethereum (ETH) miner pool decided to distribute the 10,699 Ether fee between miners as the mysterious sender failed to contact them within four days
Ethereum (ETH) Miners From Bitfly Decided Fate of $2.4M Transaction Fee
Cover image via stock.adobe.com
Contents

Austria-based Ethereum (ETH) development studio Bitfly, that operates the Ethermine Ethereum (ETH) mining pool, has explained their decision on the fate of a fee from the record books.

No more time to wait

According to the official statement from Bitfly, they waited for a response from the mysterious sender for four days. However, nobody managed to prove they were the one behind the transaction.

$2.4M will be disseminated among Ethermine participants
Image via Twitter

Bitfly highlighted that 'given the amount involved' they delayed its dissemination to wait for a response from the sender. Within this period, the Bitfly team was contacted by numerous Ethereans but all of them failed to show the valid signature of the sending account (0xcDd6a2b9DD3e386C8cd4a7ada5cab2F1c561182D).

Thus, all of the money will be divided between the miners of Block 10241999, which was added to the Ethereum (ETH) main chain on June 11th, 2020 at 06:30 AM UTC. 

Additionally, Bitfly emphasized that such behavior shouldn't be treated as a precedent. The team has no plans to interfere in the transaction fee payout to miners anymore. So, the next huge fee, should it be sent, will be disseminated between the lucky miners with no additional notification or delay.

Community responds

Despite this behavior of Bitfly being a rare example of 'fair play' in the decentralized segment, some speakers from the Ethereum (ETH) community suggest that miners could wait a bit longer.

E.g. Lefteris Karapetsas, the founder of Rotki decentralized portfolio tracker, recommended waiting for an extra week or two since last weekend was a bank holiday in Catholic European countries. However, he admitted that the final resolution is up to Bitfly and their decision to give a chance to the sender is fair.

Bitfly commented that, considering the enormous coverage in media outlets and social networks, they are treating this 'pause' of four days as sufficient.

Furthermore, they avoid entering into commitments related to the arbitrage of Ethereum (ETH) network transactions.

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.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
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Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

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.)