06

“Proof of stake” emerges as green alternative to bitcoin mining

Homepage
Previous Story
Next Story

Bitcoin and other cryptocurrencies may hold enormous allure for evangelists who dream of creating new, decentralised financial systems – but the computers used to power them gobble up as much energy as a small country. Now, enthusiasts say they have found a way to preserve the benefits of crypto without wrecking the climate. The current system relies on a highly energy intensive “proof of work” model involving thousands of computers constantly working to verify the blockchain records underpinning the new currencies.  Proponents of the new verification system – called “proof of stake” – say it can deliver equivalent trustworthiness while using 99.99% less energy.

Source

21 Silver Linings