HODLCast

WILL REGULATING BITCOIN TRY TO CANGE PROOF OF WORK TO PROOF OF STAKE?

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The Whitehouse released a new report on the climate and energy implications of crypto assets that suggested the Biden administration will seek to limit proof of work (PoW) mining.  The report was lazy, they didn't do any of their own research, and their citations weren't even good enough for the Bitcoin wiki page.   

PoW creates multiple layers of security for the bitcoin network, and it's being done largely with renewables.  

PoW incentivizes:  

  • All the energy producers worldwide to secure the network because it’s the highest-value use of energy in the world.  
  • Technological innovation because the miners are continually building better equipment that is more energy efficient. 
  • Politicians in the mining regions because it brings massive revenue and jobs to the locations.  
  • Wall Street because the mining companies are largely financed there. 
  • Mining decentralizes the Bitcoin network geographically because they can’t all be located in the same area or there wouldn’t be enough energy in that spot.   
  • The hundreds of miners have a major vested interest to defend the network.  

    • Full Blog here: https://www.hodder.law/post/bitcoin-m...
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    HODLCastBy Sasha Hodder
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