Friday, March 19, 2021

Defending energy consumption?

A common and fair rebuttal I see online to cryptocurrencies is the very large amounts of energy consumption needed for bitcoin (PoW) mining. Please correct me if i'm wrong but my dumbed-down version of a counter-argument would be something like:

-Bitcoin mining reward halving events lower the profit margins for many miners forcing them to shut down

-Proof of Stake blockchains will lead the way and do not 'mine' tokens in the same way thus phasing out the need to mine PoW tokens as well as putting less strain on network validators

I am nowhere near an expert on this topic so if you can think of other points to add or know of any good digestible media (<10min video, brief article, infographic, etc) on this topic please post it below.


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