Ripple CTO predicts only one major PoW chain might be popular in the long run RippleXRP XRPArmy $XRP XRP XRPCommunity Crypto Blockchain XRPHolders
believes PoW , the consensus mechanism that underlies the Bitcoin network and similar networks, will not go away.
I don't think PoW will go away. I think its popularity will drop, but there may be room for at least one PoW chain for a long time. I hope bitcoin isn't the token filling that particular niche though.The Ripple executive was responding to a Twitter user who had asked for his thoughts on whether Bitcoin mining would still exist past 2030 as governments push toward a sustainable green future.
He rather believes that the popularity of the PoW consensus mechanism might wane over time. Schwartz predicts that despite this, one PoW chain would stand the test of time, however, he is not sure if it would be Bitcoin. The high energy consumption of the Bitcoin network has been a widely discussed topic, with Tesla CEO Elon Musk criticizing Bitcoin's energy use and environmental impact.Environmental and proof-of-stake supporters have increased their lobbying efforts this year to change Bitcoin's mining consensus code. The sentiment seems to have been fueled by Ethereum's change from proof of work to proof of stake, which slashed its energy usage by 99.95%.
According to Schwartz, the Bitcoin mining industry will"self-regulate" over time. With the significant BTC price drop in the year comes the lack of profitability to mine Bitcoin. The Ripple CTO, however, believes the network will continue to operate. He opines that the reduction in Bitcoin miners and mining difficulty might once again raise the profitability of mining.
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