Proof of stake is more energy efficient.
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But mining is sooooo fun!!! ⛏️ Especially with p2pool and https://xmrvsbeast.com
Living in a mud hut is more energy efficient.
Could monero move to proof of stake? Sure. Would it? Probably not. There are several considerations to understand and it’s not as simple as “use less energy.”
As far as I know PoW leads to more decentralization (especially in combination with ASIC resistance) and therefore a more secure network. Energy efficiency comes through advancements in chip manufacturing.
Improved energy efficiency only results in a higher hashrate with the same amount of energy consumed. Assuming electricity costs dominate the mining expenses, in an efficient system the value of consumed energy should equal the value of mined coins. If it’s significantly less, more miners will join until everything is balanced again.
On the flip side this means it’s very easy to calculate the running cost of a financial system based on XMR: it’s roughly 0.8% of the supply per year, slightly decreasing in the future thanks to the tail emission.
If you use the same metric to determine a cost for the current central banking system, which targets a real inflation of usually 2%, but it’s more like a 4%+ cost of living increase for necessities, meaning using monero is AT LEAST 5 times as efficient. However this is ignoring the fees banks demand at every opportunity, so I’d estimate monero is about 10x as efficient.
Fair point. The market will find a equilibrium between electricity costs and mining reward. Also compared to the current banking system miners will probably move their business mostly to locations where energy is cheap and highly available.
You do realize that proof of work uses a negligible amount of energy compared to banking institutions, right? Its not even worth talking about because its a non-issue.
The real question is: why dont banks just use Monero and get rid of all their wasteful infrastructure?
Banks are hypocritical. They cry about crypto spending too much energy without even bothering to look at their energy usage.
What? Yes, they looked. And they spread a ton of disinformation that was extremely effective
The fact that this question exists is testament to them.
Its the same for the tobacco industry and the oil industry. They know that they’re the big polluters killing people. The looked, and they hired PR companies to spread disinformation.
I meant that they didn’t make that information public.
Any source on this?
Missing the point
Oxen crypto is monero fork with PoS.
Please no. We dont want to intentionally replicate the wealth disparity created by capitalism
Not using shit coins is even more energy efficient
Ok, monero is not a shitcoin.
All crypto are shit coins sorry to say
Do you even understand how crypto works?
Yes and its destroying our enviorment and taking up massive amounts of disk space compounding the problem
Banks do that as well on a much larger scale.
Is that why banks use 2% of the US power supply? Oh wait that is shit coins
And how much do banks use?
PoS
Piece of Shit
Please elaborate.
