Bitcoin miner mulls refunding 20 BTC reward to Paxos

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A Bitcoin (BTC) miner who mistakenly obtained 20 BTC — price over $500,000 — from crypto change Paxos for settling a 0.008 BTC ($200) transaction is now reconsidering their determination to return the jackpot to its rightful proprietor.

On Sept. 13, Paxos revealed to Cointelegraph that it overpaid the BTC network fee on Sept. 10, to a miner who goes by the pseudonym Chun. Whereas confirming that the occasion didn’t affect the merchants’ funds, the platform admitted {that a} system bug resulted within the disbursement of 20 BTC in mining rewards on one transaction.

Whereas Chun initially agreed to refund the reward, he determined to rethink his determination and reached out to the crypto group for recommendation.

Chun’s unwillingness to return the funds to Paxos stems from him being “irritated” that “the individual claiming it (the funds) stored saying EST as an alternative of EDT/UTC.”

Bitcoin miner Chun asks crypto group for opinion on return of Paxos funds. Supply: X 

Including to Chun’s dilemma, the crypto group on X (previously Twitter) shared blended opinions — every supported by stable reasonings. Nevertheless, most individuals consider Chun has no obligation to return the 20 BTC reward and agree that as an alternative, it ought to be distributed among the many Bitcoin mining group.

Associated: Marathon’s Bitcoin mining rate fell 9% in August

Relying on one’s bodily location, Bitcoin mining enterprise can have a assorted revenue margin. A latest report from CoinGecko confirmed that only 65 countries are profitable for solo Bitcoin miners, primarily based solely on family electrical energy prices.

Probably the most unprofitable international locations to mine 1 BTC. Supply: CoinGecko

Primarily based on the info proven above, mining 1 BTC in Lebanon is 783x cheaper than Italy, the place it prices $208,560 to provide 1 Bitcoin.

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