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

News
Mon, 06/15/2020 - 10:51
article image
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.

article image
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

News
Fri, 01/15/2021 - 18:02
article image
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
Cover image via stock.adobe.com
Contents

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.

article image
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.)