The Proof of Work (POW) is a protocol that was revolutionized by Satoshi Nakomoto and proved to be an excellent working algorithm, however it is simply not viable for the long-run due to it's monstrous energy consumption on a large scale!
Our world's natural resources are depleting faster than we can ever imagine, such model is destructive for our future and cannot co-exist in future modern societies!
Ironically it is a form of "sado-machinisim" where you're abusing a machine to more than it's maximum capacitiy for your own personal greed :P
Check the below stats and see for yourself, the numbers are scary! [source]
It is enough power to power up countries!
- Enjoy it while it lasts Miners
POS ftw
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I don't know.. I don't like the energy waste of PoW, and I personally kind of prefer PoS too. However, PoS is much more reliant on people's belief in the value of the coin in order to keep staking it. Once people stop believing in one coin they may gradually switch to another coin. While this applies to all markets, including PoW, the fact that it does require massive amounts of energy to produce a single bitcoin, does in a sense, does attach a real-world production cost (and therefore value) to the coin.
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In the long term, won't they have fusion (both hot and cold) fusion sorted? Cheap energy for all.... too cheap to meter... oh hang on... didn't they said that about nuclear?
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Hello Cryptojaxx, even if they do, BItcoin mining is a global phenomena I do not think China for example will adhere to that, most of their electricity production to date is still very reliant on Coal.
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I did a few small calculations and if BTC overtook USD as the world reserve currency at $10Trillion (M2 definition of money) then fully 1/15th of the world energy production would have to be used for mining to secure the network.
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