"Alex de Vries", a blockchain specialist and authentication mechanism by proof of business "PwC", discovered that only about 2% of bitcoin mining workers would discover the mass.
In a recent interview with the British news platform “ The Telegraph ,” DeFries said that 98% of bitcoin mining platforms never participate in the transaction validation process.
The remaining 2% represents the place where specialized computers compete to solve cipher problems to discover new blocks in the chain.
Upon discovering a block, the discoverers are rewarded with a total of 12.5 bitcoins which are worth about $ 110,000, making mining a profitable investment option for those who have the capital to purchase high-end mining equipment.
However, those with less powerful equipment are more likely to discover mass and gain this bonus as well.
De Vries explained:
It is impossible for 98% of devices during their lifetime to make an account that actually leads to a bonus.
It works in vain for a few years, uses energy and produces heat.
The other side of bitcoin mining:
There are two sides to this story.
While a few Bitcoin miners are credited with extracting the blocks, the remainder of the miners still contribute to the network's work.
The vast majority of Bitcoin mining workers work as part of the large mining networks known as mining groups.
It allows miners to pool their mining strength together to get a better opportunity to discover the next block.
Once someone finds out about the block, the rewards are shared among everyone in the group.
Meaning that individuals involved in mining groups have a better chance of getting a reward. If they do not find the block, the possibility remains with the rest of the group.
BTC block 523,034 was actually mined by a 5m/s miner as per antpool, probably the luckiest one in history
It happens from time to time that one of the lucky ones will discover the block in the mining group, as the above photo shows.