EOS Supporter: Our Cryptocurrency Is 66K Times More Energy Efficient Than Bitcoin
GenerEOS, an EOS cryptocurrency block producer candidate, has made a peculiar research dedicated to the energy demands of Bitcoin, Ethereum and the cryptocurrency this person supports. The results are not making Bitcoin and Ethereum look good: it appears that EOS demands thousands of times less energy for block producers.
A well-known fact about Bitcoin and Ethereum is that they are both based on the Proof-of-Work consensus algorithm. This means that new cryptocurrency units are issued as a reward for the block produced by the one who first solves a hash function. The rising mining difficulty has made the annual Bitcoin mining energy consumption values reach the levels comparable to small countries - 73.1 TWh. Ethereum mining, in turn, takes 18.96 TWh a year.
The next step made by GenerOS is calculating how much TWh EOS requires during the same period of time. If the EOS Block Producer (BP) needs 1,8 KW for 24 hours then it makes 3196 kWh per day. This makes the annual consumption 1,137,776 kWh or 0.0011 TWh which is considerably lower than Bitcoin and Ethereum energy needs.
The research doesn’t make EOS the only ‘green cryptocurrency’ against an army of PoW coins - after all, there are many other cryptocurrencies also based on Proof-of-Stake. This major difference between approaches to block production - PoW and PoS - has already been noted by blockchain experts multiple times. An additional argument against Bitcoin and/or Ethereum mining one can meet is that most miners are based in China and use the energy coming from coal power stations. This ultimately results in a higher emission of carbon dioxide.