A Bitcoin (BTC) miner, mistakenly overpaid 20 BTC (valued over $500,000) by Paxos crypto exchange for processing a 0.008 BTC ($200) transaction, is having second thoughts about returning the windfall to its rightful owner.
On September 13, Paxos disclosed to Cointelegraph that they mistakenly overpaid the BTC network fee on September 10, to a miner known by the pseudonym Chun. Although the incident didn’t affect traders’ funds, Paxos acknowledged that a system glitch caused the distribution of 20 BTC in mining rewards for a single transaction.
Although Chun initially agreed to return the reward, he later had second thoughts and sought advice from the crypto community. His reluctance to return the funds to Paxos is due to his annoyance that “the person claiming it (the funds) kept saying EST instead of EDT/UTC.” Further complicating Chun’s decision, the crypto community on X (formerly Twitter) expressed divided opinions, all backed by sound arguments.
However, the majority believe Chun is not obligated to return the 20 BTC reward and suggest it should be distributed among the Bitcoin mining community instead. Depending on one’s location, the profitability of Bitcoin mining can vary significantly.
A recent CoinGecko report revealed that only 65 countries are profitable for individual Bitcoin miners, based solely on domestic electricity costs. The data indicates that mining 1 BTC in Lebanon is 783 times cheaper than in Italy, where it costs $208,560 to produce 1 Bitcoin.
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