bitcoin (BTC/USD) is the largest proof-of-work network, which uses energy-intensive mining mechanisms to process transactions and secure the blockchain.
- Advertisement -
and Zach Bradford, chief executive officer of bitcoin mining firm CleanSpark (NASDAQ: CLSK), says that proof of work is a “feature, not a flaw.”
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invez newsletter today.
‘Bitcoin has no CEO’
CleanSpark CEO’s remarks come at a time when there is renewed debate BitcoinEnergy consumption has once again become a topic in the few quarters after Ethereum (ETH/USD) switched to proof-of-stake.
However, proponents say that bitcoin is not ready to follow the Ethereum path, and Bradford adds to that voice with the claim that the computational power requirement of the blockchain is one of its main features – not a drawback. that some critics have claimed.
He Told Katie Greifeld and Tim Stanovec during an episode of ‘crypto IRL‘ Aired by Bloomberg on Friday, October 14:
“Bitcoin has no CEO. It is completely decentralized, and in fact proof of work is the only really good way to secure the blockchain without a supervisor.”
According to him, the absence of a CEO and being “fully decentralized” has value to the blockchain, with BTC being used around the world as a currency without a central authority that can replace its mechanism.
“What creates value is that ultimately, there are only going to be 21 million bitcoins. So no one can decide tomorrow – ‘Hey, there are going to be 40 million’. We are all experiencing that Fed inflation right now. What kind of drag is currency doing with printing. Bitcoin will not have that.”
Bitcoin will see the last BTC mined in 2140, which is based on the network’s deflationary mechanism involving 21 million hard caps and a four-year “half” cycle.
Invest in top cryptocurrencies quickly and easily with the world’s largest and most trusted broker, eToro,
68% of retail CFD accounts lose money