Jaw-Dropping Energy Difference Between PoS Altcoins and Bitcoin
The post Jaw-Dropping Energy Difference Between PoS Altcoins and Bitcoin appeared on BitcoinEthereumNews.com. How green is crypto, really? Activists accuse the industry of environmentally-hazardous side effects, but how true are these claims? What is the environmental impact of crypto? A new report from UCL, alongside an exclusive interview, addresses these questions and more. Mining Costs The alleged environmental costs of Bitcoin and cryptocurrency are an enduring thorn in the industry’s side. Prominent actors frequently debate controversial claims, but crypto enthusiasts are quick to dispute the harshest assertions. Studies from reputable scientific agencies have repeatedly claimed that mining harms the environment, and this sentiment translates into political anti-crypto sentiment. However, news coverage frequently ignores the community’s best efforts, and exaggerations run rampant. How can one make sense of all this? What are the charges of crypto’s environmental impact, and how serious are they? To help answer some of these questions, BeInCrypto conducted an exclusive interview with Wes Geisenberger, VP of Sustainability and ESG at Hedera, a decentralized public ledger and stablecoin issuer. The firm seeks to stand above its Web3 competitors in terms of carbon footprint and sustainability. Interestingly, Hedera is a partner of the UCL Centre for Blockchain Technologies, whose new reports on crypto’s environmental impact cast doubt on the proof-of-stake model altogether. PoW or PoS The heart of UCL’s new report is on the notion that Proof-of-Stake (PoS) blockchains are uniformly more environmentally friendly than Proof-of-Work (PoW) ones. PoW protocols like Bitcoin are fully trustless and decentralized, and transactions are validated through a competitive network of miners. These equations solved by miners’ collective computing power update the blockchain and generate new coins, but different miners have an inherently adversarial relationship. For PoS protocols like Ethereum, however, the blockchain processes transactions differently. Using validators instead of miners, new block creators must “stake” their own tokens rather than computational power, allowing for a more collaborative experience.…
The post Jaw-Dropping Energy Difference Between PoS Altcoins and Bitcoin appeared on BitcoinEthereumNews.com.
How green is crypto, really? Activists accuse the industry of environmentally-hazardous side effects, but how true are these claims? What is the environmental impact of crypto? A new report from UCL, alongside an exclusive interview, addresses these questions and more. Mining Costs The alleged environmental costs of Bitcoin and cryptocurrency are an enduring thorn in the industry’s side. Prominent actors frequently debate controversial claims, but crypto enthusiasts are quick to dispute the harshest assertions. Studies from reputable scientific agencies have repeatedly claimed that mining harms the environment, and this sentiment translates into political anti-crypto sentiment. However, news coverage frequently ignores the community’s best efforts, and exaggerations run rampant. How can one make sense of all this? What are the charges of crypto’s environmental impact, and how serious are they? To help answer some of these questions, BeInCrypto conducted an exclusive interview with Wes Geisenberger, VP of Sustainability and ESG at Hedera, a decentralized public ledger and stablecoin issuer. The firm seeks to stand above its Web3 competitors in terms of carbon footprint and sustainability. Interestingly, Hedera is a partner of the UCL Centre for Blockchain Technologies, whose new reports on crypto’s environmental impact cast doubt on the proof-of-stake model altogether. PoW or PoS The heart of UCL’s new report is on the notion that Proof-of-Stake (PoS) blockchains are uniformly more environmentally friendly than Proof-of-Work (PoW) ones. PoW protocols like Bitcoin are fully trustless and decentralized, and transactions are validated through a competitive network of miners. These equations solved by miners’ collective computing power update the blockchain and generate new coins, but different miners have an inherently adversarial relationship. For PoS protocols like Ethereum, however, the blockchain processes transactions differently. Using validators instead of miners, new block creators must “stake” their own tokens rather than computational power, allowing for a more collaborative experience.…
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