Alex de Vries, a blockchain expert at PricewaterhouseCoopers and founder of digiconomist, says that 98% of bitcoin machines have not produced a single block in their average life of 1.5 years.
De Vries tweeted that at present, about 4 million mining machines are active. In 1.5 years, the bitcoin network has generated 75000 blocks, which means that less than 2% of mining machines have generated a block to verify bitcoin transactions in their lifetime. The remaining 98% have never produced blocks.
He also told the block, “of course, the life cycle of different mining machines will be different, but historically, the development of bitcoin mining machines follows Kumi’s Law (the computing power doubles every 1.5 years), so when we look at the IPO data of bitcoin, we will find that they have sold more than 4 million antminer S9 mining machines in the past few years. So it’s a very reasonable number. “
He also said that the essence of the mine pool is just to increase hash capability and distribute block rewards among the mine pool’s personnel. “They bundle and distribute work, but that doesn’t change much. In the end, there’s only one such device that wins every 10 minutes.”
He was also concerned about the energy consumption of the workload proof mechanism, saying that “this is a serious problem in terms of economic sustainability.”.
As for the consensus method of proof of rights and interests, he believes that “energy demand will be reduced by about 99.9%. Although this is not the final solution, it is the right step towards creating truly sustainable things.
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