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Only 2% of Bitcoin Mining Machines Find Blocks During Their Lifetime, PwC Analyst Says

Alex de Vries, a blockchain specialist at PwC, has claimed that only 2% of machines mining Bitcoin ever manage to find a block during their short lifetimes, while 98% fail to verify transactions on its leger.

According to a report published by The Telegraph, de Vries said one BTC transaction uses the same amount of energy as a British household for nearly two months, and that the energy needed to run the cryptocurrency’s network soared to an all-time high of 77.78 tWh – the same consumption the whole country of Chile has.

Per de Vries, a single BTC transaction has the same carbon footprint as 780,650 Visa transactions, or 52,043 hours watched on Google-owned video-sharing platform YouTube. He added 2people react with disbelief, but the figures are true.”

Bitcoin’s energy consumption reportedly crashed shortly after the cryptocurrency hit an all-time high in December 2017, as its price dropped for a year after it hit its high. Recently, as the price of the cryptocurrency struggles to hit $10,000 again, it picked back up, according to de Vries, who founded Digiconomist. Read More...