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Proof-of-work versus proof-of-stake debate was at the center of the United States House Energy and Commerce Oversight Subcommittee hearing on “Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains.”
When debating crypto mining and energy efficiency, industry experts, who were invited to testify, focused on the proof of work versus proof of stake debate.
BitFury CEO Brian Brooks: “One of the distinctions between the bitcoin blockchain and proof-of-stake networks — it matters less in proof-of-work context the number of miners that exist. It’s not that the miners can collude and choose to alter bitcoin blockchain the way that you could on proof of stake blockchain. In a proof-of-work system, you are receiving bitcoin rewards randomly because there is a lottery going on. This is one of the most confusing and perhaps most understood aspects to bitcoin.”
Cornell Tech professor Ari Juels: “Claim that proof-of-work somehow provides protection against centralization simply isn’t correct. Proof-of-work consumes an enormous amount of electricity.”
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