This is why there's a shift (ex. Ethereum) away from the proof of work model to proof of stake model. Proof of work is wasteful.
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94 kWh! Notice that this is for transactions, not mining. You were right
@justchap -
Ethereum is moving to that model (the #2 crypto). Many others are already using it. Just makes more sense.
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Even if it’s much more efficient, I’m wondering about the environmental cost of blockchain tech in terms of electricity/heat/waste.
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There's no reason to think that distributed consensus can't be achieved in an energy efficient way.
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Isn’t it just inherent in the tech that it increases one transaction (in a single SQL db) to, like, 1k or 10k transactions (distributed)?
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Well, blockchains aren't exactly distributed databases. There is a lot happening "off chain", in many projects, to improve efficiency.
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Probably more than it takes to tweet this reply. Good question!
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It was brought up by
@justchap in convo last night. It's a question I'd really like to know the answer to. -
Yeah, it's a good question, though quite likely won't be all that relevant in a few years. The sector is already starting to move on.
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