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- Chinese mining pool, F2Pool, returned an abnormal transaction fee of 2,310 ETH to its original sender while distributing 10% of the fee to its miners.
- The transaction was worth 3,221 ETH, and taking the fee of 2,310 ETH, the total loss suffered stood at 5,531 ETH or $1.2 million.
- Mining in China dates back to 2012 as it regarded as the computer superpower of the world.
Chinese mining pool, F2Pool, returned an abnormal transaction fee of 2,310 ETH to its original sender while distributing 10% of the fee to its miners as compensation for zero-fee ETH mining for seven days from June 20 to June 26.
MiningPoolHub, the original owner of the address, have come out and agreed that 90% of the fee had returned to them after reporting the transaction that took place on June 11. The transaction was worth 3,221 ETH, and taking the fee of 2,310 ETH, the total loss suffered stood at 5,531 ETH or $1.2 million.
As the original address hacked, the fee returned to the original sender on a new address created successful post completion of identity verification.
Chinese Mining Industry
Mining in China comes with a lot of benefits, such as little capital expenditure and faster setup times. The industry has grown multifold and accounts for 66% of the Bitcoin computer power across the globe. F2Pool came into existence in 2013 and is now providing its services in countries like the United States, Russia, and Canada.
It makes the organization the second-largest Bitcoin mining pool in the digital currency space. A close to 40 cryptocurrencies mined with the help of F2Pool. The company has a history of rewarding the largest miners in their network as they operate on a PPS system.
Mining in China dates back to 2012 as it regarded as the computer superpower of the world. In the country, electricity is used more for mining activities rather than for household chores. In modern times, mining is an extensive process with the use of complex hardware, which requires a sufficient amount of capital.
It has led to an increase in the number of cyber-crimes committed, especially on the digital asset front. Thus, Mining is no less prone to hackers as ever-evolving technology and structures lead to loss of data and digital currency.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
