Ethereum: Mining Pool shows leniency in case of capital error

It had become relatively quiet around the second strongest cryptocurrency Ethereum. After a successful Hard Fork Constantinople, a mysterious transaction also attracts media attention.

It is one of the most expensive transactions in the history of Ethereum. The transferred amount of 0.1 ETH plays a subordinate role, considering the transaction fee of an incredible 2,100 ETH, about 300,000 US dollars. The transmitter of the transaction was apparently an employee of a South Korean Blockchain company. The recipient was not a lesser player than the second largest Ethereum Mining Pool Sparkpool. The payment made on February 19 is in block 7,238,290 and has been causing discussions in the cryptoversum ever since.

How could that happen?

Sparkpool immediately froze the mining fee on February 19 because they already suspected a mistake by the broadcaster. Anyone who has ever made a payment in Ether knows, however, that the field of mining fees is automatically filled, often you can choose between low, average and high fee. However, how the field could reach 2,100 ETH remains a mystery. The explanation that this was a “mistake” is less than flimsy. The website of Sparkpool misses an imprint, so the characters on the start page must be sufficient to assume that this is an Asian platform. With a market share of 22.3 percent, the mining pool ranks just behind ethermine.org (27 percent).

Reconciliation

In the further course, the initially anonymous channel sent an e-mail to Sparkpool six days later, on February 25th. To clarify the identity of the sender, the mining pool replied that he should transfer a transaction of 0.022517 ETH from the same address to the wallet of the pool. Said, done – the payment was received the same day. Sparkpool identified the identity and assigned it to that South Korean company. In the following negotiations, the two parties agreed on a halving of fees, so that the company got back 1,050 ETH. The other half should be credited to the miners of the pool. After further inquiries, the South Korean company transferred a second amount of 0.666 ETH to Sparkpool and signed the transaction to indicate that the 1,050 ETH has arrived.

The owner of the said address commented after the final clarification:

 “Thank you Sparkpool and Miners for your help in getting back our losses, and we agree to hand over half of the 2,100 ETH to Miners as a token of our appreciation of their integrity.”

Conclusion

That sounds like a patronizing action in any case. While the Blockchain company may be glad to have gotten back at all – that’s the positive and far-reaching aspect of this story – it remains debatable how to pay $ 13.30 for a payment of $ 150,000 -Dollar can keep calm. Evil tongues in the net suspect a simple publicity stunt. That would be even closer if the Sparkpool itself were located in South Korea and therefore had a certain proximity to the said company. But that’s becoming increasingly difficult to see in decentralized global players.

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