Cambridge Center

Green Cryptocurrency Systems Lessens Energy Demands Of Proof Of Work Systems

Retrieved on: 
Thursday, August 5, 2021
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PALM BEACH, Fla., Aug. 5, 2021 /PRNewswire/ -- Cryptocurrency… Mining… Blockchain Technology… Even though these terms have been added to the global dictionary in the last several years not many really have a grasp on what they are, and how they do what they do... or how much energy they use! Cryptocurrency is an encrypted decentralized digital currency. Mining is the process of confirming cryptocurrency transactions and adding them to the public ledger (blockchain). The Blockchain is a distributed, cryptographically signed public ledger that stores transaction data across multiple computers(nodes). To add a transaction to the ledger, the "miner" must solve a complex computational problem. Blockchain Miners are the backbone of the cryptocurrency network and going green has never been more essential. The use of blockchain technology is growing at a rapid rate, leading to soaring energy consumption. Blockchain technology is secured and maintained by a vast network of globally distributed computers (Miners) to solve increasingly-complex computational problems. The processing of these transactions requires extensive power consumption.   An article on NBCNews's site addressing these issues added: "And so, any cryptocurrency built on a proof of work protocol is going to be plagued by, as Musk put it, "insane" energy demands as it scales larger. The Cambridge Center for Alternativve Finance, a part of the Cambridge Judge Business School, found that bitcoin uses about 110 terawatt-hours per year, which is similar to what Malaysia and Sweden use.  The better way is called proof of stake. And for some cryptocurrencies, it's already in use."  Active Companies in the markets today include The OLB Group, Inc. (NASDAQ: OLB), Riot Blockchain, Inc. (NASDAQ: RIOT), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Canaan Inc. (NASDAQ: CAN), NVIDIA Corporation (NASDAQ: NVDA).

Key Points: 
  • An article on NBCNews's site addressing these issues added: "And so, any cryptocurrency built on a proof of work protocol is going to be plagued by, as Musk put it, "insane" energy demands as it scales larger.
  • Because the basis of proof of stake doesn't require any extra energy to prove trustworthiness, it is much more energy efficient.
  • Unlike in proof of work, where specialized computing equipment like high-end graphics cards are needed, the proof of stake protocol can be run off of a laptop.
  • Researchers like Ryan believe that the result is that energy consumption for proof of stake is 99.99 percent lower than proof of work.

Green Cryptocurrency Systems Lessens Energy Demands Of Proof Of Work Systems

Retrieved on: 
Thursday, August 5, 2021
Carbon, Never, Maintenance, News, Industry, Continuous Computing, Cambridge, Mining, Operation, Natural gas, Not, Blockchain, Language, Electricity, NBCNews.com, Marathon, FNM, CAN, H.I.V.E., Order, Private Securities Litigation Reform Act, PALM, Miner, Hand, Securities Exchange Act of 1934, Security (finance), OLB, Cambridge Center, ANY, Pa, Cambridge Judge Business School, Designated activity company, Annual report, BTC, Nvidia, Musk, Form 10-K, Nasdaq, Company, Research, U.S. Securities and Exchange Commission, Forward-looking statement, Cryptocurrency, Securities Act of 1933, Running, Computer, Energy Independence and Security Act of 2007

PALM BEACH, Fla., Aug. 5, 2021 /PRNewswire/ -- Cryptocurrency… Mining… Blockchain Technology… Even though these terms have been added to the global dictionary in the last several years not many really have a grasp on what they are, and how they do what they do... or how much energy they use! Cryptocurrency is an encrypted decentralized digital currency. Mining is the process of confirming cryptocurrency transactions and adding them to the public ledger (blockchain). The Blockchain is a distributed, cryptographically signed public ledger that stores transaction data across multiple computers(nodes). To add a transaction to the ledger, the "miner" must solve a complex computational problem. Blockchain Miners are the backbone of the cryptocurrency network and going green has never been more essential. The use of blockchain technology is growing at a rapid rate, leading to soaring energy consumption. Blockchain technology is secured and maintained by a vast network of globally distributed computers (Miners) to solve increasingly-complex computational problems. The processing of these transactions requires extensive power consumption.   An article on NBCNews's site addressing these issues added: "And so, any cryptocurrency built on a proof of work protocol is going to be plagued by, as Musk put it, "insane" energy demands as it scales larger. The Cambridge Center for Alternativve Finance, a part of the Cambridge Judge Business School, found that bitcoin uses about 110 terawatt-hours per year, which is similar to what Malaysia and Sweden use.  The better way is called proof of stake. And for some cryptocurrencies, it's already in use."  Active Companies in the markets today include The OLB Group, Inc. (NASDAQ: OLB), Riot Blockchain, Inc. (NASDAQ: RIOT), Marathon Digital Holdings, Inc. (NASDAQ: MARA), Canaan Inc. (NASDAQ: CAN), NVIDIA Corporation (NASDAQ: NVDA).

Key Points: 
  • An article on NBCNews's site addressing these issues added: "And so, any cryptocurrency built on a proof of work protocol is going to be plagued by, as Musk put it, "insane" energy demands as it scales larger.
  • Because the basis of proof of stake doesn't require any extra energy to prove trustworthiness, it is much more energy efficient.
  • Unlike in proof of work, where specialized computing equipment like high-end graphics cards are needed, the proof of stake protocol can be run off of a laptop.
  • Researchers like Ryan believe that the result is that energy consumption for proof of stake is 99.99 percent lower than proof of work.