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PwC Analyst Says 98% Of Bitcoin Mining Machines Will Never Produce A Block

Ramsey Baker

Summary: Alex de Vries, the blockchain specialist for the consultancy firm PwC and founder of crypto analytics site Digiconomist, state that 98% of bitcoin mining machines will never produce a single block of transactions in their average lifetime of 1.5 years. According to a tweet from de Vries on Monday, out of the estimated 4 million ...

Alex de Vries, the blockchain specialist for the consultancy firm PwC and founder of crypto analytics site Digiconomist, state that 98% of bitcoin mining machines will never produce a single block of transactions in their average lifetime of 1.5 years.

According to a tweet from de Vries on Monday, out of the estimated 4 million machines that are currently and only 75,000 blocks are produced every 1.5 years, which means that less than 2% machines ever produce a block to verify bitcoin transactions.

By Ramsey Baker

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