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

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.

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