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The Big Secret at the Heart of Bitcoin Mining

  • Around 2% of Bitcoin miners successfully discover a block.

  • Each block is worth 12.5 BTC, or around $110,000.

  • Bitcoin miners collaborate through mining pools to increase reward frequency.

PwC blockchain specialist Alex de Vries has found that only around two percent of Bitcoin miners will ever discover a block.

In a recent interview with British news outlet The Telegraph, de Vries said that 98% of Bitcoin mining rigs never participate in the transaction validation process. This is where specialized computers, known as miners, compete to crunch cryptographic problems to discover new blocks in the chain.

Upon discovery of a block, a total of 12.5 Bitcoin (BTC), worth around $110,000, are minted and rewarded to the miner, making mining a lucrative investment option for those with the capital to buy high-end mining equipment. However, those with less powerful equipment are much less likely to successfully discover a block and earn this reward. Read More...