Bitcoin Still Guzzles Power But Can Be Greener: Crypto IRL
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The CEO of one crypto mining company says Bitcoin’s staggering energy consumption is a feature, not a bug. And despite Ethereum’s recent shift from “proof-of-work” to “proof-of-stake,” which will greatly reduce the blockchain’s power consumption, there’s no plan for such a move coming for Bitcoin.
“There is no CEO of Bitcoin,” Zach Bradford, chief executive of publicly traded Bitcoin miner CleanSpark, told Katie Greifeld and me in the third episode of the Bloomberg QuickTake series “Crypto IRL.” “It’s fully decentralized, and really proof of work is really the only good way to truly secure a blockchain without an overseer.”