Blockchain’s First Consensus Implementation Is Unsustainable
Source abstract
Abstract
The rapid growth of cryptocurrency with computationally intensive mining processes has significantly impacted global energy use. Recently in Frontiers in Energy Research, Zade and colleagues developed a generalized scenario model to evaluate the power demand of proof of work blockchain mining. It was determined that mining algorithmic complexity—not advances in hardware efficiency—is the prime factor determining the energy consumption of Bitcoin and Ethereum. Blockchain applications must transition from proof of work toward energy-efficient consensus algorithms to be sustainable.
Source: openaire · Quality: candidate unverified · Source record ↗
Research context
OpenAlex topics: Blockchain Technology Applications and Security · Innovation Diffusion and Forecasting · Smart Grid Energy Management
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References (7)
Show source-provided references
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