If you’ve been on the internet in the last few weeks, you’ve undoubtedly seen that the argument about bitcoin and other Proof-of-Work (PoW) digital currencies’ energy use has heated up.
Following Tesla’s announcement that it will no longer accept BTC payments due to environmental worries, the situation has become even more scrutinized. The electric vehicle’s abrupt change of attitude fueled a ferocious sell-off that saw bitcoin plummet upwards of 50% from its record peak in April.
Many cryptocurrency supporters have maintained that over 75% of bitcoin mining is done with renewable energy, but this hasn’t swayed the currency’s most vocal opponents. As the environmental effect of Proof-of-Work becomes more widely recognized, digital currencies like as Cardano are developing as viable alternatives.
NBC News, a major news organization, has also weighed in on the energy debate. “Cryptocurrency goes green: Could ‘proof of stake’ offer a solution to energy concerns?” is published by NBC News.
The value of Cardano (ADA) was able to withstand the unsettling bearishness that overtook the crypto market in May, according to the newspaper. While its competitors sank, ADA rocketed to a new high, prompting many to question what was behind the spectacular rise. The Bitcoin, on the other hand, eventually followed the market’s lead and plummeted.
In the piece, NBC suggested that the Proof-of-Stake consensus method, which is seen as a potential substitute to the energy-hungry PoW, is already in use in Cardano, the fifth-largest digital currency by market size. As a result, Cardano is currently the most important PoS coin in the crypto industry.
NBC’s article stated:
“Proof of stake is already working. Cardano uses proof-of-stake and has the fourth-largest market capitalization — $50 billion — of any cryptocurrency as of mid-May. It is currently the most significant proof of stake cryptocurrency on the market.“
Cardano may face stiff competition from ETH 2.0, which is set to launch soon. Despite the fact that ethereum is making tremendous progress toward Proof-of-Stake, the update is not expected to be implemented until later in 2022. In the meantime, after the Alonzo deployment is finished, Cardano is planning to introduce smart contracts as soon as August. Cardano’s advantage over other digital currencies will definitely grow as a result of this.