August 2018
Beginner to intermediate
94 pages
2h 37m
English
Content preview from Learn Bitcoin and Blockchain
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Challenges with PoW
Although PoW has its benefits, besides being the best known method, it also has its own inherent challenges. Nodes need to use real-world resources, such as computers and electricity. It takes a lot of power to run the computers, or clusters of computers, that calculate different potential solutions, which from an ecological standpoint isn't ideal and it is bad for the environment as well.
The nodes need a lot of computing hardware to reach a consensus and such hardware is really expensive. There is a possibility of miners moving their hardware to mine a different coin or an old coin if the reward is better there. In this case, miners and nodes are less loyal. PoW incentivizes the consensus process, which is a motivation ...
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