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Hi HIVIANs,
today I want to ask you:
Do you think Bitcoin mining is a waste of energy?
My answer is:
In my eyes, Bitcoin mining is NOT a waste of energy.
Why not?
There is NO trustless, censorship-free and decentralized money system like Bitcoin.
Many people think that Bitcoin mining is only done to produce new coins.
This is only partially true! The real point of mining Bitcoins is to secure the blockchain by validating transactions!
Many people do not really understand the power of Bitcoin and the math behind it.
The math behind Bitcoin is able to delivery a 100% proof of ownership and a 100% proof of validation !
That is the real thing miners are working for: To secure the network !
And a PoS algorithm can NEVER EVER replace a PoW system.
Why not?
The answer is pretty easy:
A PoS algorithm can not be as safe as a PoW algorithm since the entity with a large amount of coins can influence the network and is able to - in case of a malicious entity - manipulate it.
This is not the case for PoW that is used by Bitcoin.
I am excieted to read what you think about that!
Feel free to explain your vote within it's description!!
Let me know
XCHNG
Yes, I think Bitcoin mining is a waste of energy (because ..)
No, I do not think Bitcoin mining is a waste of energy (because ..)
I am not sure
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Yes, I think Bitcoin mining is a waste of energy (because ..)
(50.0%)
5
/ 10
No, I do not think Bitcoin mining is a waste of energy (because ..)
(30.0%)
3
/ 10
I am not sure
(20.0%)
2
/ 10
