EOS SHOWING BEING BETTER THAT BITCOIN. Report: EOS Consumes Virtually No Energy Compared to Bitcoin and Ethereum
Bitcoin and Ethereum Energy Consumption
GenerEOS reports that Bitcoin, which is widely known to have an extremely demanding proof-of-work (PoW) mining algorithm, consumes 73.1 TWh of power annually — “the same amount of electricity as the nation of Argentina,” according to the article. Whether Bitcoin’s power use will continue to rise is uncertain, but its consumption has increased over the past year.
Meanwhile, Ethereum consumes about 18.96 TWh of energy per year, about a quarter of what Bitcoin consumes. Ethereum is mined through PoW, just like Bitcoin is, but consumes less energy to confirm each transaction. Ethereum’s Casper update, which will introduce a proof-of-stake mechanism, will render mining obsolete and drop Ethereum’s power consumption even further
Crazy the amount of power we're talking about
Crazy amounts of power but complexity of mining led to scarcity and price initially. Now its a new world. It will be interesting to see how crypto continues to develop.
I think EOS not better than Bitcoin. I expected more from EOS.
Give time. It is at least 100 times better 😊
The worst part is that the security isn't that high for PoW because anybody starting an attack leading to a hard fork will still have their computing devices while a PoS would drive its price high as an attacker keeps buying coin and they can just hard fork to a different chain excluding attacker's wallet which would make the attacker start from square 1 on the next attack.
Right on point as usual 😊