Digital money such as Bitcoin is known to have serious problems, where they rely on electrical energy with considerable power requirements or proof of work to mine it. However, there are now other options or choices.
Honest Mining's Chief Executive Officer, Lawrence Samantha, said that around 20 percent of companies that are in this business have moved to an option called proof of stake.
At present he is supporting these companies to use proof of stake. Lawrence explained that this scheme makes electricity far more economical.
The adoption of this technology, called Lawrence, will not affect business. However, he stressed that proof of stake is far more environmentally friendly and power efficient.
He said, if previously focused on the 'work' side, now the new technology is more concerned with the 'stake' or ownership of digital coins.
The use of proof of stake Lawrence claims is superior when viewed from various sides. This is evident because several companies that run the new project have adopted it. And, more than 20 percent of the digital coin business in the world already uses this technology.
"The new project has entirely used proof of stake. If the old one is in the process of being considered. It may still be the stage of sight-seeing. The Ethereum company which is in fact the second largest in the world will also move soon. The process is long because the network is extensive," said Lawrence .
Seems good but i dont think that people who mine bitcoin would care about the environmet and actually change their method to protect the nature as you mentioned above. Also about the cost , i agree to that , it reduces cost but increases human effort. So people usually pay more to reduce human effort. These things like actually cancel the things to told.
Well as far nature is concerned , people might try to implement these methods in the coming future as we also have to consider the nature. We already know what happens when we ignore nature and still act against it..