bitcoin mining in iran

Rippe co-founder shared his plan and explained that how all the Bitcoin miners can adopt the proof-of-stake concept with profits present time.

Proof-of-work (POW) consensus is a highly forbidden option for crypto projects. However, Bitcoin rely on the POW consensus. Bitcoin alone consumes a huge amount of electricity and that causes huge environmental issues. Because of this concern, many times many people raised their voices against the Bitcoin Bitcoin operations or shift the Bitcoin mining operations to renewal or emission-free sources.

In the latest, Chris Larsen, Executive Chairman and Co-founder of Ripple, suggested to the Bitcoin miners to shift on the Proof-of-stake (POS) consensus to save energy that can be used for other better use cases.

Through the published blog, Laren said that the current situation is forcing Bitcoin to shift to a low energy Consensus algorithm like other crypto projects are doing and working. He added:

“The emerging solution among climate experts is that Bitcoin’s code needs to be changed to a low energy consensus algorithm like those used by nearly all other major crypto protocols. For example, while Bitcoin uses the energy of approximately 12 million US homes per year, other methods could drive that to fewer than 100 US homes.”

Further, he said that this idea can end up into a controversial statement for most mining firms. However, besides this, the purposed idea to distribute the remaining 2.1 million Bitcoins among the miners is a much better option.

He suggested that “take a snapshot of the current hash rate of existing miners and then reward miners on a pro-rata hash power basis.” And by following this, existing miners don’t need to increase power and investment in the mining rig’s equipment.

Ripple’s co-founder also said that it will take a long time to implement this idea if taken into consideration. And also there are some risks and disadvantages but these are not more than what we will get benefits through it.

Read also: Michael Saylor adds 1,434 Bitcoins to his company

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