kaal:claim:2992962-007

Proof of work mining carries significant externalities: the authors estimate that the total energy cost of running the global network of computers solving proof of work puzzles was around 700 million US dollars per year before publication.

One problem with proof-of-work mining is that there are significant externalities. Before the publication of this article, the total energy costs for running the global network of computers devoted to solving the proof-of-work puzzles was estimated at around $700 million USD per year.

Wulf A. Kaal, Craig Calcaterra, Crypto Transaction Dispute Resolution (2017), Mathematical Principles and Foundations: Ethereum Proof of Stake, p. 22
https://ssrn.com/abstract=2992962 · source PDF

Wulf A. Kaal, Craig Calcaterra, Crypto Transaction Dispute Resolution (2017). SSRN: https://ssrn.com/abstract=2992962

• proof of work consensus, before publication of the article in 2017

empiricalsupport: evidencedfailure: proof-of-work-energy-externalityfamily: environmental-and-resource-costconsensus-and-security

• restated_by kaal:claim:3782198-031 Proof of work consensus is energetically wasteful because the entire global network redundantly computes wrong...
• extended_by kaal:claim:3125822-033 In the proof of stake application, a block is accepted by the network only if it carries proof of success in a...

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