Bitcoin’s proof-of-work mining algorithm has sparked a few debates over the past few months. It is considered to be a huge waste of electricity and a borderline environmental disaster. A new proposal has been put forward under the PoWx banner. It is a very different take on cryptocurrency mining, albeit one that also makes sense.
Originally proposed by a nonprofit foundation of the same name, PoWx is a different take on mining Bitcoin. Currently, the system relies on proof-of-work, which requires powerful hardware and a lot of electricity to sustain. It is this latter part which has a lot of experts concerned, as the growing electricity use is rather worrisome when looking at the bigger picture. Those issues have been well-documented in the past.