Cryptocurrency
98% of bitcoin mining machines will never produce a block, says PwC analyst
As reported on The Block, “Alex de Vries, a blockchain specialist at ‘Big Four’ consultancy firm PwC and founder of crypto analytics site Digiconomist, has said that 98% of bitcoin mining machines will fail to produce a block of transactions during their average lifetime of 1.5 years. “Around 4 million machines are currently active and […]
As reported on The Block, “Alex de Vries, a blockchain specialist at ‘Big Four’ consultancy firm PwC and founder of crypto analytics site Digiconomist, has said that 98% of bitcoin mining machines will fail to produce a block of transactions during their average lifetime of 1.5 years.
“Around 4 million machines are currently active and nearly 75,000 blocks are produced every 1.5 years – meaning less than 2% machines are able to produce a block to verify bitcoin transactions, de Vries tweeted Monday. The remaining 98% of machines never produce any blocks, he contended…”