Topic: Bitcoin needs to move to POS. Thoughts? - page 5. (Read 7512 times)
Bitcoin is what it is largely because of mining. Switching to POS would be disasterous.
PoS when 21 000 000 bitcoins are already mined 
Unfortunately that's more than 100 years away so that doesn't really help with the energy use.
PoS when 21 000 000 bitcoins are already mined
I know it sounds like heresy and I know this is a bit cheeky but I think Bitcoin should move to POS (proof of stake) for mining rather than POW (proof of work).
I think that there are a number of reasons this would be beneficial but the main one would be a reduction in the huge amount of energy wasted in mining - I think many of us have seen the recent bad press in this regard and it is only going to get worse.
It would also allow mining on much lower level hardware and might reduce the pressure to sell (from miners who have to cover costs).
I certainly think it is an interesting thought experiment for discussion regarding the pros and cons.
I think that there are a number of reasons this would be beneficial but the main one would be a reduction in the huge amount of energy wasted in mining - I think many of us have seen the recent bad press in this regard and it is only going to get worse.
It would also allow mining on much lower level hardware and might reduce the pressure to sell (from miners who have to cover costs).
I certainly think it is an interesting thought experiment for discussion regarding the pros and cons.
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