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An extraordinary mistake at the crypto exchange Paxos made a Bitcoin miner the owner of a massive fortune. A routine transaction of 0.008 BTC accidentally resulted in acquiring over 20 BTC worth of crypto assets. Paxos officials stated that it was a system error in the transaction fee. The miner is now seeking advice from the crypto community on whether to return the crypto assets.
Paxos Officials Make a Statement
A transaction on the crypto exchange Paxos shocked many. A Bitcoin miner made a mistake with a transaction worth 0.008 BTC (equivalent to $200) and unintentionally became the owner of over 20 BTC, which is worth more than $500,000. The Bitcoin miner shared this situation with his followers on Twitter and is now reconsidering returning the crypto assets to their rightful owner.
On September 13, Paxos officials announced that on September 10, a Bitcoin miner called Chun on the X platform accidentally overpaid the Bitcoin network fee. Paxos officials stated that this incident did not affect the trader funds on the platform and it was the result of a system error, which led to the payment of 20 Bitcoins as a mining reward. After stating that he would return the reward, Bitcoin miner Chun, also known as X, said he would reconsider his decision and called for advice from his followers on X.
The Cost of Bitcoin Mining
In addition to this dilemma, Chun sparked a debate on X, and the crypto community provided solid reasons. After the developments, the majority argued that Chun should not return the reward of 20 BTC and that he is not responsible for it. Among the comments, the distribution of this reward among the Bitcoin mining community became a prominent topic.
The income of individuals or institutions starting Bitcoin mining varies depending on the region they operate in, and the income level varies according to regions. According to a recent report by CoinGecko, a cryptocurrency price data platform, data based solely on household electricity costs showed that Bitcoin mining is profitable in only 65 countries.
Based on the above data, mining Bitcoin in Lebanon is incredibly costly, resulting in an electricity cost of $208,560 for the production of just 1 BTC. This figure becomes even more remarkable as it is 783 times cheaper than in Italy. Therefore, Bitcoin mining is an incredibly expensive business in Europe.
