As good as saying goodbye to the energy-guzzling old process sounds, the fact is that the cryptosystem will become even less decentralized with the switch to Proof of Stake.
Frankfurt The story made waves: Tesla boss Elon Musk first surprised a few months ago when he accepted Bitcoin as a means of payment for the electric car manufacturer. The price of the cryptocurrency shot up, only to crash again a little later. Musk had changed his mind, for environmental reasons.
Because Bitcoin is created through a process called mining. Instead of digging up the ground with drills and excavators, computer networks solve complex cryptographic tasks in order to receive new Bitcoin as a reward – the so-called “Proof of Work” process. It’s safe, prevents inflation – and takes a lot of energy.
For Musk, the last point was crucial. After all, he wants to counteract global warming with electric cars and solar roofs. “Tesla’s mission is to accelerate the switch to sustainable electricity,” said Musk, explaining the change of heart.
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