{"id":193670,"date":"2023-09-14T09:40:05","date_gmt":"2023-09-14T09:40:05","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=193670"},"modified":"2023-09-14T09:40:05","modified_gmt":"2023-09-14T09:40:05","slug":"bitcoin-miner-mulls-refunding-20-btc-reward-to-paxos","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/bitcoin-miner-mulls-refunding-20-btc-reward-to-paxos\/","title":{"rendered":"Bitcoin miner mulls refunding 20 BTC reward to Paxos"},"content":{"rendered":"<p>A Bitcoin (BTC) miner who mistakenly received 20 BTC \u2014 worth over $500,000 \u2014 from crypto exchange Paxos for settling a 0.008 BTC ($200) transaction is now reconsidering their decision to return the jackpot to its rightful owner.<\/p>\n<p>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. While confirming that the event did not impact the traders&#8217; funds, the platform admitted that a system bug resulted in the disbursement of 20 BTC in mining rewards on one transaction.<\/p>\n<p>While Chun initially agreed to refund the reward, he decided to reconsider his decision and reached out to the crypto community for advice. <\/p>\n<p>Chun\u2019s unwillingness to return the funds to Paxos stems from him being \u201cannoyed\u201d that \u201cthe person claiming it (the funds) kept saying EST instead of EDT\/UTC.\u201d<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-09\/06131522-2bac-463a-bdb8-6fdcc1eeb28f.png\"><\/p>\n<p>Adding to Chun\u2019s dilemma, the crypto community on X (formerly Twitter) shared mixed opinions \u2014 each supported by solid reasonings. However, most people believe Chun has no obligation to return the 20 BTC reward and agree that instead, it should be distributed among the Bitcoin mining community.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Marathon\u2019s Bitcoin mining rate fell 9% in August<\/em><\/strong><\/p>\n<p>Depending on one\u2019s physical location, Bitcoin mining business can have a varied profit margin.\u00a0A recent report from CoinGecko showed that only 65 countries are profitable for solo Bitcoin miners, based solely on household electricity costs.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-09\/70235266-eb89-4868-9364-ddef1e1d5b13.png\"><\/p>\n<p>Based on the data shown above, mining 1 BTC in Lebanon is 783x cheaper than Italy, where it costs $208,560 to produce 1 Bitcoin.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Are DAOs overhyped and unworkable? Lessons from the front lines<\/em><\/strong><\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-miner-paxos-20-btc-refund\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Bitcoin (BTC) miner who mistakenly received 20 BTC \u2014 worth over $500,000 \u2014 from&#8230;<\/p>\n","protected":false},"author":4,"featured_media":193669,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin miner mulls refunding 20 BTC reward to Paxos - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/crypto\/bitcoin-miner-mulls-refunding-20-btc-reward-to-paxos\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin miner mulls refunding 20 BTC reward to Paxos - 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