Bitcoin Miner’s 20 BTC Refund to Paxos

Bitcoin Miner's 20 BTC Refund to Paxos

Bitcoin Miner’s 20 BTC Refund to Paxos

A Bitcoin miner who erroneously received 20 BTC from the cryptocurrency exchange Paxos for settling a 0.008 BTC ($200) transaction is rethinking their decision to return the jackpot to its legitimate owner.

Paxos disclosed on September 13 that it overcharged the BTC network fee to a miner named Chun on September 10. While verifying that the event did not affect traders’ funds, the platform acknowledged that a system bug led to the distribution of 20 BTC in mining rewards on a single transaction.

While Chun initially consented to refunding the reward, he later changed his mind and reached out to the cryptocurrency community for guidance.

The reason Chun is reticent to return the funds to Paxos is because he is “irritated” that “the person claiming it kept saying EST instead of EDT or UTC.”

Adding to Chun’s dilemma, the crypto community on X (previously Twitter) held contradictory viewpoints, each supported by sound reasoning.

Bitcoin Miner's 20 BTC Refund to Paxos
Bitcoin miner Chun asks crypto community for opinion on return of Paxos funds. Source: X

The majority of individuals, however, believe Chun has no obligation to return the 20 BTC reward and agree that it should be distributed to the Bitcoin mining community.

The profit margin of a Bitcoin mining enterprise can vary based on its physical location. According to a recent report by CoinGecko, only 65 countries are profitable for individual Bitcoin miners based exclusively on household electricity costs.

Bitcoin Miner's 20 BTC Refund to Paxos
The most unprofitable countries to mine 1 BTC. Source: CoinGecko

According to the data presented above, producing one bitcoin in Lebanon is 783 times less expensive than in Italy, where it costs $208,560.

Read Previous

Voice Platform Shuts Down

Read Next

OKX Builds Long-Term Sports Sponsorships in Crypto Sector