Could ‘proof of stake’ offer a solution to energy concerns?
At any particular moment, thousands of computers around the world are humming away, crunching complex math problems that create and sustain bitcoin.
This network gives bitcoin its appeal: decentralized, always on and easily tradeable. But it also means the network is constantly using energy — a sticking point for many of the cryptocurrency’s skeptics and critics. And it’s not just a bitcoin problem. Other cryptocurrencies and blockchains including Ethereum have similar challenges.
The debate about bitcoin’s environmental impact was elevated earlier this month when Tesla CEO Elon Musk, once one of the most notable bitcoin boosters, said his company would no longer accept it for the purchase of vehicles. He cited the use of fossil fuels for bitcoin mining as a reason.
It’s an issue that some blockchain evangelists think they can solve — and potentially open the door to more…