Proof of stake is less energy intensive than proof of work.
US-based bitcoin mining has flourished since Chinabannedthe activity last year.
The US has now replaced China as home to themost bitcoin mining operations.
The University of Cambridge’sBitcoin Electricity Consumption Indexestimates bitcoin uses more energy each year than Norway and Sweden.
The New York Timesestimatesbitcoin is responsible for one half of 1% of all global electricity use.
Miners are rewarded with coins when their machines complete the problems.
Inproof-of-stakemodels, computers are randomly selected tocreate blocks for the blockchain.
Computers that aren’t selected are in charge of validating the blocks created.
To be part of the proof-of-staking process, miners need to offer a certain amount of coins as collateral.
The switch has beendelayedbut isstill plannedfor the second quarter of 2022.
Some people, such as Sen. Ted Cruz, have advocated for coal-powered bitcoin mining.
