Bitcoin mining is a massive energy sink, especially since it uses the proof of work system, meaning that every transaction necessitates a ton of computation spent just calculating essentially pointless hashes (proof of work also allows mining). And because it’s so easy to speculate with, its value is massively unstable, so very little actual purchases are being made with it compared to speculators, and no one in their right minds would put their actual savings in it. For these reasons, it’s kind of useless as a currency and because of mining, it has an enormous carbon footprint which is fuelling what is essentially the world’s largest casino. IMO, it’s time for Bitcoin and similar proof of work cryptocurrencies to die and be replaced by cryptcorrencies that are designed not to take massive amounts of computing power to work, and isn’t mineable.
Actually, proof of stake (non-mineable, doesn’t require large amounts of computation) is still a blockchain currency. Like how Ethereum is planning to launch their proof of stake system.
Interesting stuff. I only follow crypto stuff from afar considering the numerous amount of scam coins, environmental issues and weird legal complexities governments throw it to.
Bitcoin mining is a massive energy sink, especially since it uses the proof of work system, meaning that every transaction necessitates a ton of computation spent just calculating essentially pointless hashes (proof of work also allows mining). And because it’s so easy to speculate with, its value is massively unstable, so very little actual purchases are being made with it compared to speculators, and no one in their right minds would put their actual savings in it. For these reasons, it’s kind of useless as a currency and because of mining, it has an enormous carbon footprint which is fuelling what is essentially the world’s largest casino. IMO, it’s time for Bitcoin and similar proof of work cryptocurrencies to die and be replaced by cryptcorrencies that are designed not to take massive amounts of computing power to work, and isn’t mineable.
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Bitcoin is given to miners at a constant rate. This means that the incentive to mine and consume energy is directly related to the price of bitcoin.
Would that not be an issue with cryptocurrency, because it will not remain decentralised anymore?
Digital and crypto currencies are different things. Crypto is meant for privacy, while digital one might be how China’s Digital Yuan works.
Actually, proof of stake (non-mineable, doesn’t require large amounts of computation) is still a blockchain currency. Like how Ethereum is planning to launch their proof of stake system.
Interesting stuff. I only follow crypto stuff from afar considering the numerous amount of scam coins, environmental issues and weird legal complexities governments throw it to.