A group of researchers has authored a paper proposing a new Bitcoin mining method to make it less energy-intensive and cheaper. Its new proof-of-work system moves costs from electricity to hardware.
It’s no surprise that Bitcoin, today, uses a lot of energy, particularly electricity. Hashcash proof-of-work has successfully secured Bitcoin’s network since the beginnings. However, it has run into problems as of late.
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So, these researchers are proposing a different concept for Bitcoin known as "Optical Proof-of-Work (OPoW)".
Look guys, I'm a huge fan when it comes to innovation. I was so blown away by their proposal that when we mine Bitcoins, it uses hardware as primary source of energy rather than electricity. It means that when it actually works, it's way cheaper and energy-efficient.
Do you guys think that this is really possible? I know that this is kind of exciting, but I would also expect that there will be drawbacks as well (which is the fact, the hardware's long-term condition itself).
What are your thoughts on this one guys? Would like to hear your own opinion about this one. Thank you in advance!
Topic: A new proof-of-work system for Bitcoin mining? - page 2. (Read 274 times)
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