• Mining pool Sparkpool receives $300k (2,100 ETH) in reward for mining one single block.
  • Speculations are afoot to find out the reason behind this snafu. While many feel that it is a simple mistake, some think that it is an attempt at money laundering.

The mining pool Sparkpool received a whopping $300k (2,100 ETH) reward for mining one single block. The normal reward for mining a block is 3 ETH (~$500), i.e., 700 times less than what Sparkpool got. Jimmy Zhong, the co-founder of IOST, made the following observation: 

“A whopping 2,100 #ETH(~$300k) tip was just paid to the miners on the #Ethereum network. What a generous guest... or mistake.”

Coindesk feels that this could be an innocent sign of goodwill from an anonymous supporter of the mining community. The community has recently been divided over the type of mining chips which can be employed by miners seeking to compete for rewards. Some people don’t believe that this is a simple mistake or a gesture of goodwill and feel that something much more sinister is afoot. As a Redditor who goes by “aznar” points out:

“That's actually a good way of washing profits, so yeah if the tx was not seen until the block was mined with it, and all were mined by the same pool, then its a good explanation.”

Some also feel that this incident may put a permanent dent on the public perception of cryptocurrencies. As Redditor “IllegalAlien333” says:

“Headlines like this are why your average consumer won't even consider using crypto over credit cards. Human error and irreversible transactions are a legitimate concern. I know this is referencing a dev issue but the fact remains.”


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Decentraland holds support but MANA may return to $2

Decentraland price action is, at present, very indecisive. However, while the overall outlook is bearish – especially within the Ichimoku Kinko Hyo system, there is evidence that a turnaround to the upside may be coming soon. 

More Decentraland news

Sandbox continues to drift lower, bears to push SAND to $3.80

Sandbox price has made a slight bounce during the Thursday trading session, attempting a bullish daily close after three straight days of losses. However, sellers remain in control, and bulls will need to make some significant gains to convert SAND back into a bull market.

More Sandbox new

Axie Infinity bulls attempt to regain control as AXS moves toward $80

Axie Infinity price has dropped more than 10% since Monday and is nearly 57% lower than its all-time high. A bearish continuation pattern points to another leg south before buyers step in. Axie Infinity price action has been a source of frustration for bulls.

More Axie Infinity News

Solana price allows bulls to enter on double support before massive breakout

Solana (SOL) price action has been fading towards $131 after being rejected at $160, with bulls unable to make new highs. The recent break of the 200-day Simple Moving Average (SMA) looks to have been picked up by investors.

More Solana news

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis