Bitcoin, Not Proof Of Stake, Solves Energy – Bitcoin Magazine

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This is an opinion editorial by Level39, a researcher focused on Bitcoin, technology, history, ethics and energy.

The notion that Ethereum’s recent “Merge,” from proof of work to proof of stake, reduces energy consumption by 99.95% is a myth. Nevermind that this calculation excludes expensive enterprise server farms, corporations and the increased work involved in completing proof of stake transactions on a global scale. Follow the money — the cost to make a transaction has not plummeted. Fees aren’t expected to decrease, and any part of the security budget that was previously used to purchase energy for machines will instead be used to purchase energy for Ethereum’s ruling class — negating much of its lower energy bill.

Unlike proof of work, which fosters renewable energy innovation and reduces waste methane emissions, there is no environmental advantage to proof of stake other than that it obscures the energy purchases made by the people that enable its validating infrastructure. The environmental myth of proof of stake is underscored by a neo-Luddite belief that replacing inefficient humans and their infrastructure with economical and energy-intensive machines is a net negative — an ideology that harkens back to the early days of the Industrial Revolution.



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