Bitcoin miner mulls refunding 20 BTC reward to Paxos in the new age of Web 3.0.
Bitcoin miner mulls refunding 20 BTC reward to Paxos

Investing in Web 3.0

Recently, a Bitcoin (BTC) miner, Chun, received an unexpected windfall of 20 BTC — worth over $500,000 — from crypto exchange Paxos for settling a 0.008 BTC ($200) transaction. Initially, Chun agreed to refund the reward, however, he has since reconsidered and reached out to the crypto community for advice. His hesitation to return the funds is due to his frustration with Paxos’ use of EST instead of EDT/UTC.

The History of Web 1.0, 2.0, and 3.0

The World Wide Web has come a long way since its inception in 1989. Web 1.0, also known as the Read-Only Web, was focused on static content. Web 2.0, or the Social Web, was an interactive platform that allowed users to connect with each other. Web 3.0, or the Semantic Web, is the current iteration of the web and is focused on machine-readable data.

How to Profit from Web 3.0

The next generation of online business is heavily reliant on Web 3.0 and its machine-readable data. Businesses can take advantage of this technology by investing in blockchain-based solutions, decentralized finance, and artificial intelligence. Additionally, businesses can benefit from the increased security and privacy that Web 3.0 offers.

The Profitability of Bitcoin Mining Around the World

Chun’s dilemma sparked mixed opinions on X, each with valid reasoning. Most people agreed that the 20 BTC reward should be distributed among the Bitcoin mining community, rather than returned to Chun.

CoinGecko’s recent report revealed that only 65 countries are profitable for solo Bitcoin miners, based on electricity costs. The data showed that mining 1 BTC in Lebanon is 783x cheaper than in Italy, where it costs $208,560.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space. This article discusses the profitability of Bitcoin mining in the context of Web 3.0, a next-generation online business model.

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