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1/ Costs using Proof-of-Work on the Ethereum network Since genesis: - Miners paid $5 billion to produce blocks and "secure" network - More than 250 million tons of CO2 emitted See my calcs below. Supports planned move to Proof-of-Stake.https://docs.google.com/spreadsheets/d/1ScUc1FY1snMzyYnGjX7IjIt9-dQnz8FuEftp32T2XzQ/edit?usp=sharing …
2/ Paying $5 billion to miners is wasteful. Secure network with capital - Most money paid gone forever, spent on powering PoW machines... - What if same $ invested into R&D rather than burning electricity? - 290,106,560 txs so miners paid $16.80 extra for PoW every tx
3/ 260M tons CO2 emissions just too much - Equal total emissions 16M US citizens in 1 year - Equal total emissions 153M Indian citizens in 1 year Bitcoin, and others, have now emitted billions tons CO2 in aggregate. As an industry, we must move on from PoW architectures asap
4/ Before we have an existential crisis, let's remember Google, Facebook et al emit more than 2% world's CO2 Re: DFINITY - Will never use Proof-of-Work - Working on features for carbon neutral Dappshttps://www.theguardian.com/environment/2015/sep/25/server-data-centre-emissions-air-travel-web-google-facebook-greenhouse-gas …
Your assuming all of the electricity consumed came from non-renewable sources of electricity. That's not "reality". "Reality" is that mining pops up in areas that have cheap, renewable sources of electricity. Like hydro-power.
Please check the "Assumptions" tab. Currently spreadsheet assumes 85% of power comes from non-renewable sources, which I believe is realistic. It's very difficult to compete with massively cheap coal in China, although some trying...https://qz.com/1250980/an-australian-coal-power-plant-will-reopen-to-help-mine-bitcoins/ …
If you use China's practice of mining in tiny bergs littered throughout the countryside as an exemplar of a "typical mining center" then yes, that is the result you will get. Read some articles concerning mining ops outside of China, they go out of their way to use renewables.
Proof of Stake diminishes the security model from ½ to ⅓, and further introduces a permanent compromise once achieved — it is an inferior base layer system compared to the up-front costs of Proof of Work. Energy is the most fundamental currency of the universe. Don't miss out.
The byzantine threshold dropping from 1/2 to 1/3 doesn't have to do with PoS, but with the asynchronous safety. You could create an asynchronously unsafe PoS protocol with 50% threshold. See Ouroboros, Snow White, etc
PoW or PoS, we need to offset our carbon footprint. How many hours did you fly this year @dominic_w?
such a fallacious argument... flying is a necessity and there's currently no other alternative.. There is however an alternative to a POW network.. and that's what Dfinity Squad is solving.
So, what about the economic loss of liquidity that PoS brings? That's quite »expensive« as well
My goodness @VitalikButerin That's a ton of cO2!!!
fwiw Vitalik has spoken out about this before. source: https://www.nytimes.com/2018/01/21/technology/bitcoin-mining-energy-consumption.html …pic.twitter.com/YtqW0nOgRJ
I like V - hope he does something proactive about this major issue. We all need to take responsibility today for our contributions to greenhouse emissions and do what we can to help @Sustainable2050
Proof of Stake however has its own issues such as Nothing-at-Stake and long-range attacks.
We @finrazorcom covered in our article. It’s rather simplified for ease of understanding. Feel free to check it out. Feedback is appreciated!https://finrazor.com/news/ethereums-thorny-path-to-pos …
Your assumption that 90pct of revenue is consumed in electricity spend is off by about 350pct. Average electric as a percentage of revenue is approximately 20pct - and that may be high - which equates to 58mm tCO2e.
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