Bitcoin Needs an Upgrade

Mining Bitcoin is a massive waste of energy and other resources. It’s indisputable.

In a time when countries are bringing more and more reactors online in order to meet their growing energy needs, we have a morale obligation to do everything in our power to find more efficient ways to do business.

Sure, I’ve seen all sorts of arguments about how the banking industry uses X amount of energy, how "miners" are becoming more efficient.. People that I respect, pioneers in this industry, are buying into, and propagating this narrative.

Don't get me wrong. I love the concept of Bitcoin. But I honestly don't believe Satoshi envisioned the current situation; his/her writings suggest a more conscientious person behind the scenes.

The proof of work (POW) consensus mechanism simply consumes far too much electricity (and specialized hardware); especially considering the fact that blockchain technology thousands of times more efficient, already exists in the wild.

Take the Action Blockchain for example. Based on the proof of stake (POS) consensus mechanism, anyone with a basic Windows or Linux system, and some Action Coin (ACTN), may join our small, but global, network. You can, for example, stake ACTN on your laptop, while you continue to use it for.. whatever. This helps decentralize and secure our network.

Perhaps the Bitcoin Network can transition to a more efficient consensus mechanism over time.. I know it won't be easy, but I think it will be necessary for it's survival.

Oh, and it’s not just Bitcoin. Ethereum is still a POW chain, but transitioning. There are other popular POW chains too, including Bitcoin Cash and Doge, ironically.

Next, my take on Chia 😏

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I've built various technology businesses over the past 28 years. From a stock photo agency to a web hosting/dev. business. Now building a blockchain company.

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Nicholas Morley

Nicholas Morley

I've built various technology businesses over the past 28 years. From a stock photo agency to a web hosting/dev. business. Now building a blockchain company.

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