Charles Hoskinson Comments On The White House’s View On Bitcoin Mining
Charles Hoskinson, the founder of Cardano, IOG, and one of the creators of Ethereum, recently made a video in which he discussed the latest White House recommendations to crack down on all energy-intensive businesses, including Bitcoin mining. According to...
Charles Hoskinson, the founder of Cardano, IOG, and one of the creators of Ethereum, recently made a video in which he discussed the latest White House recommendations to crack down on all energy-intensive businesses, including Bitcoin mining.
According to Hoskinson, the recently unveiled Cardano protocol might aid Bitcoin’s continued existence as a cryptocurrency. To lessen the carbon footprint of proof-of-work chains, such as those used by Bitcoin and many other currencies, the Ofelimous proof-of-useful-work protocol was developed.
Ofelimous is a recently developed, provably secure proof-of-useful-work protocol with the goal of minimizing the energy consumed by proof-of-work chains. In contrast to proof-of-work, proof-of-useful-work makes sure that miners’ computing power is focused on resolving issues that arise in the actual world.
However, because an attacker may exploit the system to solve simple puzzles and produce more blocks than miners with the same resources, the blockchain that has embraced it becomes less secure as a result. Cardano claims that Ofelimous can address this problem with ease, though.
To reduce their carbon footprint, which is currently on par with that of small countries, Hoskinson advises Bitcoin miners to convert to this PoUW system.
On President Biden’s request in March of this year, a group of parliamentarians from the White House produced a report about the excessive energy use by numerous companies, including bitcoin mining. The research suggests banning certain sectors if they are unable to considerably reduce their energy usage. BTC detractors have frequently raised the concern that the Bitcoin blockchain leaves a significant carbon footprint.
However, according to recent reports, the energy required by BTC miners (the network uses the PoW consensus process) is comparable to that of many small nations around the globe.
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