Bitcoin Miner Contemplates Returning 20 BTC Reward to Paxos in Unprecedented Move

Bitcoin Miner Contemplates Keeping $500,000 Mistakenly Sent by Crypto Exchange Paxos

A Bitcoin (BTC) miner known as Chun is reconsidering returning 20 BTC, valued at over $500,000, to crypto exchange Paxos after receiving the funds by mistake. Paxos disclosed on September 13 that it had overpaid the BTC network fee to Chun on September 10 due to a system bug. Although Chun initially agreed to refund the reward, he has since reached out to the crypto community for advice.

Chun expressed annoyance towards the person claiming the funds, saying they kept referring to the wrong time zone. He tweeted, “I was annoyed and regretted agreeing to refund that 20 BTC. Especially when I saw the person claiming it kept saying EST instead of EDT/UTC. Last time a Zcash guy did that, I blocked his entire company.” (Chun, September 13, 2023).

The crypto community on X (formerly Twitter) provided mixed opinions, each backed by logical reasoning. However, the majority believe that Chun has no obligation to return the 20 BTC reward. Instead, they argue that it should be distributed among the Bitcoin mining community.

Bitcoin mining profitability varies depending on the location. CoinGecko’s recent report revealed that only 65 countries are profitable for solo Bitcoin miners based on household electricity costs. The data demonstrated that mining 1 BTC in Lebanon is 783 times cheaper than in Italy, where it costs $208,560 to produce 1 Bitcoin.

The dilemma faced by Chun highlights the ethical considerations surrounding mistakenly sent funds in the crypto industry. As the situation unfolds, the crypto community eagerly awaits Chun’s decision on whether he will return the funds or keep the substantial reward.

– Paxos: [Link to credible source]
– Chun’s tweet: [Link to credible source]
– CoinGecko report: [Link to credible source]

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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