Tag: Proof-of-Work

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Solana Co-Founder Believes Bitcoin Needs to Change to Proof-of-Stake Consensus to Remain Relevant

May 1, 2022

Anatoly Yakovenko, one of the co-founders of Solana, the proof-of-stake based, smart contracts enabled blockchain, issued a series of statements criticizing bitcoin’s consensus algorithm. In an interview on CNBC, Yakovenko stated that bitcoin might lose adoption if it doesn’t change to a proof-of-stake (PoS) consensus algorithm. Other organizations have also attacked bitcoin, hinting at this…
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World Economic Forum Shares a Video About Changing Bitcoin’s Code to Proof-of-Stake

April 29, 2022

According to a World Economic Forum (WEF) tweet, a “change in the way bitcoin is coded could almost eliminate its environmental impact.” That statement stems from a tweet the WEF published on April 26, with an accompanying video that claims “miners could stake their own bitcoins to verify transactions.” WEF on Bitcoin’s Proof-of-Work: A ‘Basic…
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Eth2 deposit contract now holds 10% of the circulating ETH supply

April 29, 2022

The ETH 2.0 deposit contract can only be unblocked after the PoS transition, postponed to the latter half of the year. The deposit contract for staking Ethereum (ETH) on the Beacon chain reached a balance of 12 million ETH on Friday. The total locked value of Ether in the Eth2 contract is worth about $34.5…
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Sustainable energy usage for BTC mining grows nearly 60% in a year

April 26, 2022

The latest Bitcoin Mining Council report showed that the mining industry is rapidly adopting sustainable energy sources to secure the largest crypto blockchain. Bitcoin (BTC) mining companies are further adopting green energy as the global Bitcoin mining industry increased its sustainable energy mix by approximately 59% year over year. The Bitcoin Mining Council (BMC) is…
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Ripple’s Exec Campaign Has ‘Zero Chance’ of Forcing Bitcoin to Proof-of-Stake, But Brace for More Attacks

April 24, 2022

  It has almost become a populist truism that Bitcoin (BTC) is bad for the environment. By using proof-of-work (PoW) as its consensus mechanism, its entire network consumes a prodigious amount of energy, which at the moment is reportedly higher than the annual energy consumption in some countries. … Read More: Ripple’s Exec Campaign Has ‘Zero…
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Bitcoin Price Forecast for 2022 Cut Once Again as Break ‘Only’ Above USD 80K Now Expected

April 22, 2022

  The price of bitcoin (BTC) will hit a peak of USD 81,680 this year, before falling back to USD 65,185 by the end of the year, argued a panel of members from the fintech and crypto industry surveyed by comparison website Finder.com. The peak of over USD 80,000 was described as “significantly higher” than…
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Ethereum’s Merge Could Lower Demand for Bitcoin but Regulatory & Technical Challenges Persist

April 22, 2022

  Ethereum’s (ETH) transition to proof-of-stake (PoS), known as The Merge, will likely lead some current bitcoin (BTC) holders to move part of their capital to ETH, one industry insider argues. Others, meanwhile, say that despite a yield on ETH being attractive, regulatory scrutiny means more uncertainty lies ahead for ethereum investors…. Read More: Ethereum’s…
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‘PoS Fanatics Attacking PoW are Actual Supervillains’, Kraken’s Powell Says as US Politicians Charge

April 22, 2022

  A letter by a group of Democratic members of the US Congress attacking proof-of-work (PoW) mining and praising proof-of-stake (PoS) is causing an uproar in the Bitcoin (BTC) community, with crypto exchange Kraken CEO Jesse Powell claiming that “PoS fanatics attacking PoW are actual supervillains.”… Read More: ‘PoS Fanatics Attacking PoW are Actual Supervillains’,…
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US lawmakers sound alarm to EPA over environment concerns of crypto mining

April 21, 2022

In addition to air and water pollution as a result of energy production, the lawmakers pointed to electronic waste from mining rigs, and noise pollution in surrounding communities. United States House of Representatives member Jared Huffman and 12 other lawmakers have requested the Environmental Protection Agency, or EPA, assess crypto mining firms potentially violating environmental…
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After Mozilla Abandoned PoW Cryptos Citing Energy Concerns, Wikipedia May Follow

April 14, 2022

  Energy consumption of Proof-of-Work (PoW) cryptoassets has once again become a hot topic as companies start ditching cryptos that use this energy-intensive mechanism for validating transactions and creating new tokens. Last week, Mozilla, the company behind the Firefox browser, shared an update regarding its crypto donation policy following its “discussion about cryptocurrency’s environmental impact”…
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