The History of Crypto Mining and Proof-of-Stake Advantages

  • Ensure network safety by using a purposefully expensive process.
  • Rewarding users for participating in the mining process.

What is proof-of-work?

PoW’s wastefulness

  • A study in the 2019 Joule scientific journal estimated Bitcoin mining to be responsible for between 22 and 22.9 million metric tons of carbon dioxide emissions a year. That’s 1% of the global electricity consumption, or 2.7 billion homes, or emissions by countries like Jordan and Sri Lanka.
  • In 2020, the Bitcoin network consumed 131.80 TWh of power. That’s the same as the entire country of Argentina.
  • Per a May 2021 study, Bitcoin’s e-waste adds up to 30.7 metric kilotons. This is the same as Netherlands’ telecommunication equipment waste.

Is PoS a better alternative?

In Closing

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