.CFTCbehnam sounded alarm over Bitcoin’s excessive energy use
Bitcoin’s proof-of-work consensus algorithm requires a huge amount of energy in order to solve complex mathematical tasks.
The regulator believes that the industry should move to proof-of-stake, an alternative consensus mechanism that consumes much less energy. The CFTC head supports the idea of disclosing how much energy a certain cryptocurrency consumes. Behnam has noted that more developers are working on PoS projects amid growing concerns about Bitcoin's excessive energy consumption. , Ripple co-founder Chris Larsen recently launched a joint campaign with Greenpeace to urge Bitcoin developers to implement a code change that would reduce the cryptocurrency’s excessive power consumption. He sounded the alarm over massive losses linked to protocol hacks, scams, and other types of attacks.
In February, the regulatory agency argued that speculative favor surrounding Bitcoin required great investment protections. As reported by U.Today, the U.S. Securities and Exchange Commission has asked for a higher enforcement budget in order to be able to police the cryptocurrency industry in a more efficient way.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Commissioner Kristin Johnson to sponsor CFTC Market Risk Advisory CommitteeRecent CFTC appointee Kristin Johnson, a proponent of stricter crypto regulation, has been named the sponsor of the commission’s advisory committee on market risk.
Read more »
BTC/USD Forex Signal: Recovery from Dangerous BreakdownTrade bitcoin today using the guide of our Forex signal
Read more »
Used test: Honda Civic Type R vs Volkswagen Golf GTIMost hot hatches fall somewhere between 🎷 smooth jazz 🎷 and 🤘 heavy metal 🤘 ... Find out where the Honda_UK Civic Type R and UKVolkswagen Golf GTI land, plus how they stack up as used buys, here
Read more »
The Cryptocurrency Crash Is Great News For The Rest of The World. Here's WhyCryptocurrencies like Bitcoin were meant to be used as digital cash. Instead, they've become popular as speculative investments.
Read more »
Luna Foundation Guard Discloses Usage of Bitcoin Reserves – Bitcoin NewsThe Luna Foundation Guard (LFG), the organization tasked with safeguarding the peg of UST, has broken its silence to explain the fate of the Bitcoin reserves used during the depeg incident.
Read more »
Programmable heating and quenching for efficient thermochemical synthesis - NatureBy using a programmable electric current to allow rapid pulsed heating and quenching, a non-equilibrium, continuous synthesis technique shows improved performance in thermochemical reactions, as well as lower energy costs.
Read more »