CODEWITHSUNDEEP
bitcoinblockchainethereum
Suresh Gautam
Suresh Gautam

Reputation: 893

How to reduce computation and electricity waste other than successful Blockchain/Bitcoin Miner?

In a blockchain (bitcoin, ethereum, etc), new transaction are broadcasted in the network, each node(miner) available in the network collects the transaction into block. All miners collect the transaction and try to solve the puzzle but only one minor will be successful in terms of solving the puzzle, creating a proof of work, brodcasting its proof of work to other Miners, and get rewarded. How taking care happens to avoid the computations of other miners who couldn't solve the puzzle so that computation and electricity waste can be reduced. Please clarify if above statement is not fare enough.

Upvotes: 0

Views: 183

Answers (1)

jeanluc
jeanluc

Reputation: 1708

What you are describing is an inherent flaw of Proof of Work. A lot of people are having the same concern as you, especially since the bitcoin network uses more electricity than some countries now, with most of that computation going to waste.

In general, to combat this, research is looking at different ways to provide proof, and so far some interesting concepts have emerged, namely Proof of Stake, Proof of Time, Proof of Space, and probably a few more I'm not aware of. Explaining these is beyond the scope of this answer; you can google more information if you're curious.

Upvotes: 1

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