Proof of Work vs. Proof of Stake: Which Is Better for the Environment?
With the world having become more environmentally conscious, the recent discourse in the crypto space has likewise shifted to the impact of cryptocurrencies on the environment. One of the ongoing debates in the community relates to how the Proof of Work (PoW) consensus mechanism impacts the environment versus Proof of Stake (PoS), the consensus mechanism used on the Oasis blockchain.
Although this debate has been going on for quite a while, it was this tweet by Tesla CEO, Elon Musk, that really re-ignited the conversation — and with good reason. His tweet expressed concern regarding the use of fossil fuels for mining Bitcoin, and his sentiment spurred heated debates around the industry. Just a few days following his initial comments, Musk met with leading bitcoin miners, in an attempt to better understand the environmental impact of cryptocurrencies and to hear out what the current and future solutions could look like.