32.5 C
Tuesday, May 28, 2024
HomeBitcoin MiningCould BTC Switching to a PoS Module Solve Its Mining Issues?

Could BTC Switching to a PoS Module Solve Its Mining Issues?


Related stories

Experts are saying that a simple switch in the bitcoin code would be enough to make the crypto mining process a lot safer for the planet.

Mining Arguments Continue to Permeate the Space

The arguments surrounding crypto mining have raged for years. While many say that crypto mining really doesn’t use as much energy as environmentalists think, others say the process is very damaging and will ultimately cause the planet to turn an irreversible corner.

Men like Elon Musk, for example, have taken a lot of action against the mining process. Musk went so far as to rescind a decision made last year that would have allowed all people to purchase Tesla vehicles with bitcoin. Musk ended this process after claiming that he was unsure about bitcoin’s mining effects on the atmosphere.

A new campaign called Change the Code Not the Climate is now calling for a simple code switch in bitcoin. The leaders of the campaign say that this little change is all that’s needed to make crypto mining about 99 percent less dangerous. The organization involves members of Greenpeace USA, the Environmental Working Group, and several others that are worried about the planet’s health.

The idea is that bitcoin needs to switch from a “proof of work” (PoW) module to proof of stake (PoS). This is a task that has been undertaken by rival blockchain networks like Ethereum, which recently pulled back the curtain on Ethereum 2.0. The new network is slated to conserve energy, move faster, and charge fewer gas fees.

Many say bitcoin now needs to employ the same tactics to keep itself more environmentally conscious. Michael Brune – campaign director and former executive director of Sierra Club – stated in an interview:

This is a big problem, in part because of where the industry stands now but also because of our concerns about its growth.

The U.S. is the main country leading the digital currency mining space. The number one spot was initially held by China, though the country declared the practice illegal last summer and has since brought death upon its crypto industry. Brune says:

Coal plants which were dormant or slated to be closed are now being revived and solely dedicated to bitcoin mining. Gas plants, which in many cases were increasingly economically uncompetitive, are also now being dedicated to bitcoin mining. We are seeing this across the country. It’s particularly painful to see this in the electric sector because that is precisely the place where the US has made most of its progress in the last decade. There’s no way we can reach our climate goals if we are reviving fossil fuel plants.

Why Do People Want Dirty Energy?

Chris Larsen – founder and executive chairman of Ripple – commented:

The minute that there is the opportunity to go to something dirty, which is what you are seeing, that is going to happen.

Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.


Latest stories