Eager to work: Bitcoin switch to proof-of-stake remains unlikely
Cointelegraph
Published May 06, 2022 10:07AM ET
Updated May 07, 2022 12:00PM ET
Bitcoin (BTC), the original cryptocurrency that started it all and even today continues to drive the market sentiments, has faced numerous challenges along the way. The latest challenge seems to be around its mining consensus, proof-of-work (PoW) and its consequent impact on the environment.
Bitcoin network’s high energy consumption was one of the hottest topics last year, with the likes of Elon Musk fueling the sentiment that BTC in its current form is bad for the environment. Luckily enough, the mining companies for some time have been exploring the use of renewable energy, and the latest reports suggest that 58% of the BTC network’s energy comes from renewable sources.
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Written By: Cointelegraph
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