The conclusion, if my understanding is correct, is that it is, but other cryptocurrencies may not be
Quote:
First, coins like Bitcoin, which are based on the proof-of-work algorithm, are likely more energy intensive than mainstream finance. (But note that this intensity seems to be declining with time.) Second, coins like Ethereum, which are based on the proof-of-stake algorithm, are likely (far) less energy intensive than mainstream finance.
So that’s what the data says. But somehow, I feel like this evidence will satisfy neither the crypto critics nor the crypto advocates. And that’s why in the appendix, I add some obligatory speculation. But for now, let’s conclude with just the facts. To date, it seems clear that Satoshi’s claims about Bitcoin’s superior ‘efficiency’ have not come to fruition.
Have you heard about mining pools? I think the future of PoW coins is huge payment commissions and payment pools which make the commission acceptable, this is what needed to make Satoshi's claim a reality.
I think I understand how a mining pool works. How would "huge payment commissions and payment pools" reduce the high PoW energy costs which the research claims? (I won't say the theory in the original post is correct. I am agnostic about that, as it's a hard equation to resolve)
Quote:
First, coins like Bitcoin, which are based on the proof-of-work algorithm, are likely more energy intensive than mainstream finance. (But note that this intensity seems to be declining with time.) Second, coins like Ethereum, which are based on the proof-of-stake algorithm, are likely (far) less energy intensive than mainstream finance.
So that’s what the data says. But somehow, I feel like this evidence will satisfy neither the crypto critics nor the crypto advocates. And that’s why in the appendix, I add some obligatory speculation. But for now, let’s conclude with just the facts. To date, it seems clear that Satoshi’s claims about Bitcoin’s superior ‘efficiency’ have not come to fruition.