diff --git a/src/validation.cpp b/src/validation.cpp
index 14d5dbe452..0ff9a00254 100644
--- a/src/validation.cpp
+++ b/src/validation.cpp
@@ -4141,44 +4141,22 @@ void DumpMempool(void)
     }
 }
 
-/**
- * How many times slower we expect checking transactions after the last
- * checkpoint to be (from checking signatures, which is skipped up to the
- * last checkpoint). This number is a compromise, as it can't be accurate
- * for every system. When reindexing from a fast disk with a slow CPU, it
- * can be up to 20, while when downloading from a slow network with a
- * fast multicore CPU, it won't be much higher than 1.
- */
-static const double SIGCHECK_VERIFICATION_FACTOR = 5.0;
-
 //! Guess how far we are in the verification process at the given block index
-double GuessVerificationProgress(const ChainTxData& data, CBlockIndex *pindex, bool fSigchecks) {
-    if (pindex==NULL)
+double GuessVerificationProgress(const ChainTxData& data, CBlockIndex *pindex) {
+    if (pindex == NULL)
         return 0.0;
 
     int64_t nNow = time(NULL);
 
-    double fSigcheckVerificationFactor = fSigchecks ? SIGCHECK_VERIFICATION_FACTOR : 1.0;
-    double fWorkBefore = 0.0; // Amount of work done before pindex
-    double fWorkAfter = 0.0;  // Amount of work left after pindex (estimated)
-    // Work is defined as: 1.0 per transaction before the last checkpoint, and
-    // fSigcheckVerificationFactor per transaction after.
+    double fTxTotal;
 
     if (pindex->nChainTx <= data.nTransactionsLastCheckpoint) {
-        double nCheapBefore = pindex->nChainTx;
-        double nCheapAfter = data.nTransactionsLastCheckpoint - pindex->nChainTx;
-        double nExpensiveAfter = (nNow - data.nTimeLastCheckpoint)/86400.0*data.fTransactionsPerDay;
-        fWorkBefore = nCheapBefore;
-        fWorkAfter = nCheapAfter + nExpensiveAfter*fSigcheckVerificationFactor;
+        fTxTotal = data.nTransactionsLastCheckpoint + (nNow - data.nTimeLastCheckpoint) / 86400.0 * data.fTransactionsPerDay;
     } else {
-        double nCheapBefore = data.nTransactionsLastCheckpoint;
-        double nExpensiveBefore = pindex->nChainTx - data.nTransactionsLastCheckpoint;
-        double nExpensiveAfter = (nNow - pindex->GetBlockTime())/86400.0*data.fTransactionsPerDay;
-        fWorkBefore = nCheapBefore + nExpensiveBefore*fSigcheckVerificationFactor;
-        fWorkAfter = nExpensiveAfter*fSigcheckVerificationFactor;
+        fTxTotal = pindex->nChainTx + (nNow - pindex->GetBlockTime()) / 86400.0 * data.fTransactionsPerDay;
     }
 
-    return fWorkBefore / (fWorkBefore + fWorkAfter);
+    return pindex->nChainTx / fTxTotal;
 }
 
 class CMainCleanup
diff --git a/src/validation.h b/src/validation.h
index 7bde123bfe..ebfff66ea1 100644
--- a/src/validation.h
+++ b/src/validation.h
@@ -281,7 +281,7 @@ bool ActivateBestChain(CValidationState& state, const CChainParams& chainparams,
 CAmount GetBlockSubsidy(int nHeight, const Consensus::Params& consensusParams);
 
 /** Guess verification progress (as a fraction between 0.0=genesis and 1.0=current tip). */
-double GuessVerificationProgress(const ChainTxData& data, CBlockIndex* pindex, bool fSigchecks = true);
+double GuessVerificationProgress(const ChainTxData& data, CBlockIndex* pindex);
 
 /**
  * Prune block and undo files (blk???.dat and undo???.dat) so that the disk space used is less than a user-defined target.
diff --git a/src/wallet/wallet.cpp b/src/wallet/wallet.cpp
index 7101a1a3be..686efe7c43 100644
--- a/src/wallet/wallet.cpp
+++ b/src/wallet/wallet.cpp
@@ -1479,12 +1479,12 @@ int CWallet::ScanForWalletTransactions(CBlockIndex* pindexStart, bool fUpdate)
             pindex = chainActive.Next(pindex);
 
         ShowProgress(_("Rescanning..."), 0); // show rescan progress in GUI as dialog or on splashscreen, if -rescan on startup
-        double dProgressStart = GuessVerificationProgress(chainParams.TxData(), pindex, false);
-        double dProgressTip = GuessVerificationProgress(chainParams.TxData(), chainActive.Tip(), false);
+        double dProgressStart = GuessVerificationProgress(chainParams.TxData(), pindex);
+        double dProgressTip = GuessVerificationProgress(chainParams.TxData(), chainActive.Tip());
         while (pindex)
         {
             if (pindex->nHeight % 100 == 0 && dProgressTip - dProgressStart > 0.0)
-                ShowProgress(_("Rescanning..."), std::max(1, std::min(99, (int)((GuessVerificationProgress(chainParams.TxData(), pindex, false) - dProgressStart) / (dProgressTip - dProgressStart) * 100))));
+                ShowProgress(_("Rescanning..."), std::max(1, std::min(99, (int)((GuessVerificationProgress(chainParams.TxData(), pindex) - dProgressStart) / (dProgressTip - dProgressStart) * 100))));
 
             CBlock block;
             ReadBlockFromDisk(block, pindex, Params().GetConsensus());