kaal:claim:3782198-031

Proof of work consensus is energetically wasteful because the entire global network redundantly computes wrong nonces, with the Bitcoin network consuming as much energy as the country of the Czech Republic.

The Bitcoin network is performing about #)!% =K55,555,555,555,555,555,555 hashes every second in June )5)5. That requires as much energy as the entire country of the Czech Republic.

Craig Calcaterra, Wulf A. Kaal, Contemporary Decentralization (2021), New tools: blockchain protocols, p. 31
https://ssrn.com/abstract=3782198 · source PDF

Craig Calcaterra, Wulf A. Kaal, Contemporary Decentralization (2021). SSRN: https://ssrn.com/abstract=3782198

• figures given for June 2020

empiricalsupport: evidencedfailure: proof-of-work-energy-wastefamily: environmental-and-resource-costconsensus-and-securitytokenomicseconomics

• supports kaal:claim:3266953-017 Meaningful and secure reputation tokens supply the incentives needed for secure proof of stake consensus in bl...
• restates kaal:claim:2992962-007 Proof of work mining carries significant externalities: the authors estimate that the total energy cost of run...
• extended_by kaal:claim:3782203-029 The authors hold that the Bitcoin proof of work algorithm is ultimately flawed, that every consensus algorithm...
• supports kaal:claim:3125827-032 SPoS is far more computationally efficient than proof of work implementations because nodes no longer hash min...

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