We've been talking a lot about Proof of Work around these parts for the last month and we're going to continue with that theme on this beautiful Monday morning. Over the weekend, two great posts about the efficiency of PoW mining were published. Laurent published the final part of his four-part series on Proof of Work in which he succinctly described why Bitcoin mining is extremely efficient when compared to popular alternatives like PoS. To complement this, Dan Held posted an incredible piece that soundly addresses all of the FUD thrown at Bitcoin mining with reason and cold hard facts.
I highly recommend you freaks check both of these posts out when you get a chance today. In short, there is a lot of confusion out there when it comes to Proof of work, the amount of energy used to secure the Bitcoin Network, what types of energies are being used to mine, and how efficient mining operations are with that energy. What we're coming to find (thanks to people like Laurent and Dan who have taken the time to thoroughly debunk the FUD point by point) is that the Bitcoin Network and the incentive structure used to secure it are producing one of the most efficient systems we've ever seen. Energy that would have otherwise been completely wasted or untapped is now being used to produce the soundest, most decentralized money the world has ever seen.
The fact Bitcoin has created a beautiful incentive system to make sure we humans are as efficient as possible when it comes to the consumption of energy is lost on most people, especially those championing PoS; a materially less secure and economically unfair system that favors incumbents. Proof of Work is working as intended and the world will be better off because of this in the long-run.
Final thought...
Nothing like a Sunday night grilling NY Strips on the roof while watching football while enjoying incredible weather and red wine.
