Ripple CTO included important statements about PoW Blockchains using mining. He talked about how much longer networks like Bitcoin can last.
Ripple CTO David Schwartz talks about PoW Blockchains
Schwartz shared his thoughts on cryptocurrencies using mining on Twitter on December 24. His statements were directed at him, “Do you think Bitcoin mining will exist beyond 2030 as governments move towards a sustainable green future?” answers the question. The Ripple CTO says that PoW Blockchains, which have come to the fore a few times this year, especially in Europe, will be permanent. But he predicts that only a few representatives of these mechanisms will survive:
I don’t think PoW will go away. I think its popularity will decline, but there may be room for at least one PoW Blockchain for a long time. Hopefully Bitcoin isn’t the coin that fills this particular niche.
Proof of work (PoW) is a self-sustaining consensus mechanism. Cryptocurrencies use this mechanism to verify transactions and mine new tokens. In this way, Bitcoin and other cryptocurrency transactions can be carried out securely end-to-end without the need for a trusted third party. But the PoW system requires a large amount of energy, which only increases as more miners join the network. Here are some of the biggest PoW Blockchains in the market right now:
- Bitcoin (BTC), Dogecoin (DOGE), Litecoin (LTC), Monero (XMR), Ethereum Classic (ETC)
- Bitcoin SV (BSV), Zcash (ZEC), EthereumPoW (ETHW), Ravencoin (RVN), Kadena (KDA)
- Flux (FLUX), Siacoin (SC), DigiByte (DGB), Horizen (ZEN), Syscoin (SYS), Nervos Network (CKB)
- Kaspa (KAS), Ergo (ERG), Conflux (CFX), HUSD (HUSD), Groesticoin (CRS), Mona Coin (MONA)
Bitcoin under pressure due to high energy consumption
Bitcoin’s high energy consumption was widely discussed when Tesla CEO Elon Musk criticized Bitcoin’s energy use and environmental impact. This year, those who support the environment and the PoS mechanism have stepped up their lobbying efforts to change Bitcoin’s mining code. However, Ethereum is avoiding the focus of discussion with Merge, which it completed in September.
However, while the future is uncertain, it is unlikely that Bitcoin will move to proof-of-stake. PoW supporters are of the opinion that staking poses centralization and security risks by allowing malicious actors to directly “buy” network control. They also emphasize that PoS has proven to be durable as the foundation of the world’s largest Blockchain.
The Bitcoin mining industry, on the other hand, is full of challenges. cryptocoin.comIn a recent development that you follow on , Core Scientific, one of its largest miners, has announced that it has gone bankrupt. According to Schwartz, the Bitcoin mining industry will “self-regulate” over time. With the significant drop in BTC prices this year, Bitcoin mining has become unprofitable. Ripple CTO, on the other hand, believes that the network will continue to work. He believes that the decline in Bitcoin miners and mining difficulty will once again increase mining profitability.
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