Crypto researcher Kyle McDonald warns
Kyle McDonald, an independent researcher, predicts that the bitcoin network could be “regulated”, causing the price to fall.
and advice to sell bitcoin nowThis is because there is a much less energy-intensive method of validating transactions since the Ethereum blockchain, which is known as “Proof of Ownership or Merger”Investors and regulators may feel that the energy-intensive method that both bitcoin and ethereum now use, known as “proof of work,” was never really necessary.
Speaking on CoinDesk TV’s “First Mover” show this Friday, McDonald cited the “climate crisis” and the massive energy use of bitcoin. He said it because “Bitcoin doesn’t have the coordination of Ethereum to leave proof of work”, could be “the first to be regulated”.
Crypto-electricity consumption has become a major bone of contention for environmental activists and governments, with McDonald’s saying bitcoin will never see “$69,000” again. The cryptocurrency traded close to this mark in November last year.
Crypto-electricity consumption has become a major bone of contention for environmental activists and governments, with McDonald’s saying bitcoin will never see “$69,000” again. The cryptocurrency traded close to this mark in November last year.
When you go through a system with 10 million it’s all about generating random numbers as fast as possible [de unidades de procesamiento grfico] On a global scale, for systems running on a few thousand computers that use significantly less power, that will make a big difference.McDonald said. Graphics processing units or GPUs are used in cryptocurrency mining.
McDonald said the prospect of Ethereum reducing energy costs by 99.95% is “very realistic”.
Ethereum’s Switch, a software update dubbed “The Merge,” is expected this month, and one of the expected benefits is that it won’t require more computers to keep the blockchain running.
To track the energy movement of Ethereum, McDonald’s created the Ethereum Emission Tracker, which takes a bottom-up approach but does not take into account the price of Ethereum or the price of electricity.
I start with hashrate, then I look at the hardware and make a technical argument about how much power to use, Told.
However, there is a risk associated with non-fungible tokens (NFTs), McDonald said. That is, “there is a good chance that some miners will temporarily switch to proof of work after the merger happens.”
If miners change, there could be duplicate NFTs on the other chain for a short period of time, he said. If it does, it could “potentially undermine their values as well.”
But OpenSea, the world’s largest NFT marketplace, said it will only support proof-of-stake chains, adding that it is preparing the transition to ensure “The process is going smoothly.”
