PwC analysts: 98% of Bitcoin miners have never generated blocks

PwC's blockchain expert and deconicon founder Alex de Vries said that 98% of Bitcoin miners have never generated a block within their 1.5-year average life.

de Vries said on Twitter that there are currently about 4 million mining machines active, and that the Bitcoin network has generated 75,000 blocks in 1.5 years, which means that less than 2% of the mining machines are in their lifetime Generated a block to verify Bitcoin transactions. The remaining 98% never generated a block.

He also said in an interview with TheBlock, "Of course, the life cycle of different miners will be different, but from a historical perspective, the development of Bitcoin miners follows Kumi's law (doubles the computing power every 1.5 years) So when we look at Bitmain's IPO data, we can see that they have sold more than 4 million Antminer S9 miners in the past few years. So this is a very reasonable figure.

He also said that the mining pool is essentially just to increase hashing power and distribute block rewards among the mining pool's personnel. "They bundle and distribute work, but that hasn't changed anything. In the end, only one such device 'wins' every 10 minutes."

He was also concerned about the energy consumption of the proof-of-work mechanism, saying that "this is a serious issue in terms of economic sustainability."

Regarding the consensus method of proof of stake, he believes that "the energy demand will be reduced by about 99.9%". Although this is not the final solution, it is the right step towards creating something truly sustainable.

Image source: Pixabay

By Liang CHE

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