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| comment | | "parent_author":"",<br>"parent_permlink":"bitcoin",<br>"author":"cryptojiang",<br>"permlink":"pos-v-s-pow",<br>"title":"POS V.S POW",<br>"body":"https:\/\/blockgeeks.com\/wp-content\/uploads\/2017\/03\/Proof-of-Work-vs-Proof-of-Stake-Basic-Mining-Guide.png\n\n\nI wish to address a fundamental issue with Bitcoin. The mining process. I am a fan of the concept that Bitcoin is built on. A peer to peer payment method with not middle man aka the bank. However with the mining of Bitcoin is where the problem lies. \n\nMining is the process of guess at the solution to a mathematical problem and thats what computers will do until they get it right in which case you get reward for solving the block in Bitcoin.\n\nBitcoin was made as a way for people to pay each other with out the bank as the middle men. However with the creation of Asics this made bitcoin form CPU mining to Asics which is a problem. Asics are expensive and makes the decentralization of mining concentrated in the hands of those that have the money to buy miners. \n\nThe main problem with centralized mining is the fact that Bitcoin has a difficulty which increases or decreases depending on the amount of hashes in the system. The problem with Asics is the amount of hashes they provide which makes mining difficult and suddenly its a lot harder to mine Bitcoin. It takes more hashes and more electricity which is the key issue with Bitcoin. \n\nIn the age of global warming and people trying to slow it down. Bitcoin mining can be a problem,<br> the increase demand of electricity leads to more electricity needed to be produce. Which will lead to more coal burning and more carbon in the atmosphere and speed up global warming. \n\nNow I understand companies like Hashflare mine in places that offer cheap electricity whether it be form hydropower or wind or solar it doesn\u2019t matter. I also understand the idea of how this will force innovation and speed up the usage of eco-friendly energy sources but it is easier and cheaper to use coal or natural gas as solar panels are expensive. Bitcoin and cryptocurrency blew up last year and people don\u2019t have the time to adjust to the idea of miners consuming enough electric to power a small country. \n\nHere is a article: https:\/\/www.popularmechanics.com\/technology\/a19832426\/coal-plant-mining-bitcoin\/\n\nNow this is where I believe POS or Proof of Stake will be the future. With Proof of Stake you buy the coins and you can hold or \u201cstake\u201d it to earn that crypto and make money. Now the difference Is with POW you are mining to keeps the network working while POS you hold the crypto which lets you validate the blocks and you earn money that way. \n\nPOS takes a bit of electricity. Enough to keep your computer up and running to validate the blocks. This is better then POW in my opinion because the media can talk about how bad Bitcoin mining is,<br> BUT they can\u2019t talk about how bad people are keeping their computer on. \n\nPersonally I believe proof of stake coins and masternode coins are the future. Bitmain will keep making Asics for coins. But if the coins are not mineable then there can\u2019t be Asics. what do you guys think? Put it in the comments.\n\nhttps:\/\/beat.10ztalk.com\/wp-content\/uploads\/2017\/10\/tips-for-how-to-be-successful-on-steemit-steemit.jpg",<br>"json_metadata":" \"tags\":[\"bitcoin\",<br>\"crypto\",<br>\"cryptocurrency\",<br>\"mining\" ,<br>\"image\":[\"https:\/\/blockgeeks.com\/wp-content\/uploads\/2017\/03\/Proof-of-Work-vs-Proof-of-Stake-Basic-Mining-Guide.png\",<br>\"https:\/\/beat.10ztalk.com\/wp-content\/uploads\/2017\/10\/tips-for-how-to-be-successful-on-steemit-steemit.jpg\" ,<br>\"links\":[\"https:\/\/www.popularmechanics.com\/technology\/a19832426\/coal-plant-mining-bitcoin\/\" ,<br>\"app\":\"steemit\/0.1\",<br>\"format\":\"markdown\" " |
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