It is very familiar that bitcoin spends a lot of energy and that is barely an understatement. We all have seen the comparisons that show us how bitcoin spends more energy than the entire country of Israel and uses the similar amount of power as Austria does.
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This kind of energy consumption is growing by almost 20% each month! This is why a new solution has emerged on the market.
Meet Bitcoin Green. This cryptocurrency was launched in order to cut down the high environmental costs and also to try and find a way for cryptocurrencies to be more energy-efficient. Of course, Bitcoin Green works hard to remain cheap and also to scale better than other cryptocurrencies.
Bitcoin Green decided to leave out the wasteful mechanism named proof-of-work. Instead, Bitcoin Green works by reversing the incentive structure. This way, miners get to make the system efficient and the mechanism is also known as proof-of-stake.
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Imagine if Bitcoin itself switched to PoS, the energy consumption will likely drop immensely making it easier and cheaper to operate. Also, transaction time will be faster too. The pos method requires cooperation from its participants. The method makes the entire mining process more democratic and allows anyone to mine without the need for expensive hardware or equipment.
“Although right now the odds are not in our favor, we believe it is only a matter of time before proof-of-work energy consumption becomes so egregious that people will begin to more aggressively seek out sustainable solutions,” Bitcoin Green’s Schelling said.
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