Mining Pools Distribute $2.4M Transaction Fee After Flood of Phoney Refund Claims [Updated]

Mining Pools Distribute $2.4M Transaction Fee After Flood of Phoney Refund Claims [Updated]

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UPDATE (June 16. 08:50 UTC): This article has been updated with a note from Spark Pool, which has decided to distribute transaction fees to its miners.

Two mining pools have called time on waiting any longer for an ether whale to reach out after making two transactions with unusually high fees of dollars last week.

Bitfly, the company behind the Ethermine pool, announced Monday it had opted to distribute a total of 10,668 (now worth just under $2.4 million) in transaction fee to miners that were active at the time the went through last Thursday.

“As the sender of the transaction … has not contacted us after 4 days we have made the final decision to distribute the tx fee to the miners of our pool,” Bitfly . “Given the amount involved we believe 4 days is sufficient time for the sender to get in touch with us.”

Chinese mining pool Spark Pool has also now said that it will distribute its $2.6 million transaction fee out to its members. “The legitimate sender of the transaction has not yet contacted us to provide a validating signature to prove their identity,” the company said. “We have, therefore, decided to distribute the transaction fees to Ethereum miners working on that day.”

On Wednesday, Spark Pool processed a transaction from a single address with a , who sent a minuscule 0.55 ETH (then worth $133) with a transaction fee worth $2.6 million at the time. Barely a day later, at approximately 04:00 UTC on Thursday morning, the same address sent 350 ETH with another fee, also worth $2.6 million.

When the network’s running smoothly, for an ether transaction hovers around the $0.50 mark. Two transactions would, therefore, cost about $1. But in total this single wallet holder, who has not been identified, dished out over $5.2 million in fees for just these two transactions.

Spark Pool, which has been , froze the transaction to give the sender time to reach out and work on a deal to reclaim some of the transaction fees. After it happened again, less than a day later, Ethermine followed suit and gave the sender a grace period to get in touch.

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